Trump and Pro-Crypto Candidates Send Bitcoin Soaring to All-Time Highs, Fueling Hopes For Industry Boom
Just when you thought the TV ads were over, and the robocalls would stop, the latest US election’s economic impact shows up. Surprise: it’s steep, and we’re not just talking about social and cultural consequences, but financial ones, too. Following the Republicans’ waltz back to power, investors have bid up stocks — and digital currency enthusiasts are also celebrating.
Trump knows coin: It’s been a messy few years for the blockchain and digital asset industry between the collapse of FTX, Celsius, and other venture-backed startups. But the frigid days for the sector may be behind it. After Bitcoin and Ether ETF approvals earlier this year, crypto maxis now have The Donald on their side as he returns to the White House — and this time, he’s not alone, thanks to the field’s lobbying efforts. This has caused blockchain-based finance to climb, with Bitcoin soaring to new all-time highs.
- According to WSJ, the cryptocurrency sector dumped $170M into three super PACs to elect pro-crypto lawmakers. Of the 58 federal candidates they supported, 50 have won, with the remaining eight still being counted.
- Trump has already committed to easing regulations on the industry and creating a Bitcoin reserve — an effort that may now gain bipartisan support due to the sector’s lobbying.
Capitalizing on Crypto
On Monday, Bitcoin blew past $86K, while Ethereum eclipsed $3.3K — up 27% and 36% over the past week, respectively. This helped lift the entire industry, with miners leading the gains. Companies like MARA, CleanSpark, and Riot Platforms rose over 20%. And there are even more beneficiaries where that came from…
- Exchanges like Coinbase and Robinhood saw gains of 20% and 10%, respectively, as investors jumped in amid optimism around increased virtual currency trading volume.
- Even MicroStrategy and Block, which boast large corporate Bitcoin balance sheets, saw their stocks rise 22% and 11%, respectively, on the big news.
Next stop, the moon: The enthusiasm around decentralized finance has led to billions in inflows into crypto ETFs on Wall Street, plus billions more across exchanges — one of the largest hauls for digital assets in recent memory. The more favorable regulatory environment is expected to spur even more public listings from virtual asset companies, along with new ETFs tracking emerging cryptocurrencies like Solana. While this could be a positive for crypto investors, some analysts warn that the recent price surge may be short-lived — after all, it’s not even January 20 yet.
