On the day Trump won the U.S. election on November 5, 2024, Bitcoin was trading at the $68,290 level after receding from a high of $72,780 on October 30. Trump won by a landslide trouncing his Democratic rival Kamala Harris in the polls with 312 electoral college votes compared to his counterpart who secured only 226. He also secured 2.5 million votes and won the popular vote, including Republicans winning the Senate and the House.
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After Trump won the U.S. election, both the stock and the cryptocurrency market kick-started a massive rally. Bitcoin surged in the charts and pulled the leading altcoins to hit new yearly highs along with it. The broader markets remain optimistic with Trump at the helm as investors believe he could do well with the economy. Many others believe the President-elect could end the ongoing wars and conflicts in the Middle East and Russia-Ukraine.
Bitcoin Jumped After Trump Clinched the U.S. Presidency
After Trump’s U.S. election victory, Bitcoin went from $68,290 on November 5 to $99,645 on November 22. That’s a surge of more than $31,000 in just two weeks after he clinched the presidency. However, Bitcoin is hovering at the $96,823 mark on Friday and is up nearly 2% in the day’s trade.
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Bitcoin could breach the $100,000 historic milestone if the cryptocurrency market maintains its positive momentum. A price surge for Bitcoin could be on the cards after Trump takes office in January 2025. The President-elect is picking crypto-friendly appointees to lead the U.S. financial cabinets.
In addition, Trump is also pushing the Commodity Futures Trading Commission (CFTC) to oversee the cryptocurrency market. Read here to know how the CFTC will regulate the digital assets market under Trump. The upcoming President had also vowed to make the U.S. the crypto capital of the world when he’s in office. Therefore, Bitcoin could be poised for a rally in the next four years while Trump is at the helm of affairs.
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