Market sentiment shifted as early projections in the US presidential election indicated gains for Donald Trump, sparking optimism among traders expecting a friendlier regulatory stance toward cryptocurrency if he returned to the White House.
Trump has expressed support for making the US a “bitcoin and cryptocurrency capital,” which investors interpret as signaling softer regulations on digital assets.
Trump’s early lead, combined with Republican gains in battleground states, has driven financial markets in Asia to begin factoring in a Trump victory. Analysts predict that a Democrat victory would have been perceived as a “short-term nail in the coffin” for crypto markets due to anticipated regulatory tightening.
While Bitcoin surged, Ethereum (ETH) also saw gains, up 7.5% to US$2,593, though it remains below its all-time high of US$4,867.
The developments from the US presidential election have set a promising tone for Bitcoin and other digital assets, as traders appear to be buoyed by Trump’s broader impact on the financial landscape, tax policies, and market liquidity.
