The cryptocurrency market witnessed notable shifts this week after the U.S. elections. Donald Trump's presidency influenced the rise of Bitcoin and other digital assets.
How Trump's Victory Impacted Bitcoin
Trump’s election was seen as a positive development for the cryptocurrency sector, pushing Bitcoin to new heights. The election outcome resulted in 242 pro-crypto candidates securing seats in the House of Representatives and 14 in the Senate, enhancing market sentiment surrounding digital currencies.
Will Regulatory Changes Follow?
With a strong cohort of pro-crypto legislators in place, expectations rose for the Securities and Exchange Commission (SEC) to ease its stance on various digital asset lawsuits. Speculation also emerged about the potential resignation of SEC Chair Gary Gensler under the new administration.
Other Cryptocurrencies on the Rise
In addition to Bitcoin’s performance, Ripple’s XRP also made headlines, gaining 14% to reach $0.57. Ripple announced plans for a Dirham-backed stablecoin in the UAE. Dogecoin saw nearly a 50% rise following news of Elon Musk’s potential role in Trump’s administration.
These developments ignited robust discussions within the cryptocurrency community, prompting investors and industry experts to closely observe the implications of the U.S. elections on future regulations and market trends.
