Donald Trump supported digital currencies throughout his campaign, vowing to transform the United States into the crypto capital of the planet.
Donald Trump supported digital currencies throughout his campaign, vowing to transform the United States into the crypto capital of the planet. Image: Shutterstock
(The Post News)- Bitcoin surpassed the $90,000 mark on Wednesday, continuing its relentless rally without signs of slowing down, amid expectations that Donald Trump’s presidency and administration will positively impact cryptocurrencies. The largest global cryptocurrency has emerged as one of the most notable movers in the week following the election, reaching a peak of $93,480 on Wednesday before trimming its gains. It was last slightly lower at $88,185, yet has increased by 32% since the November 5 election.
The smaller peer, Ether, has seen a 37% increase since Election Day, while Dogecoin, a volatile alternative token championed by billionaire Trump supporter Elon Musk, surged over 150%. Trump welcomed digital assets in his campaign, vowing to transform the United States into the “crypto capital of the world” and amass a national reserve of Bitcoin. His position marks a significant departure from the Securities and Exchange Commission’s actions against the contentious industry during President Joe Biden’s administration.
The shift in tone has stimulated speculative purchases of both large and small tokens, elevating the overall value of digital assets to roughly $3.1 trillion, according to CoinGecko data. Although the specifics of how or when this might occur remain uncertain, the potential has led to a speculative increase in crypto mining and trading stocks. Software firm and Bitcoin investor MicroStrategy revealed it has invested nearly $2 billion in purchasing Bitcoin from October 31 to November 10. Stocks reached an all-time high on Tuesday.
Cryptocurrency investors anticipate reduced scrutiny under U.S. Securities and Exchange Commission Chair Gary Gensler, whom Trump has indicated he will replace. Trump also introduced a new cryptocurrency venture, World Liberty Financial, in September. Funds tracking Bitcoin’s spot price, such as BlackRock’s iShares Bitcoin Trust, rose by almost 4% on Wednesday. Shares of Coinbase, the largest publicly listed crypto exchange, fell by 1.3%, while Bitcoin miners Riot Platforms and Marathon Digital Holdings saw decreases of 4.08% and 4.68%, respectively.
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