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This is a historical news review. Interpret prices and views in their original context.
Market reactions during the election
As the US election unfolded, crypto trading surged and Bitcoin reached a record. At 14:24 Beijing time, BTC was up 9%, with a high of $75,252. Its previous peak was in March, when inflows into dedicated US ETFs had encouraged investors.
Bitcoin was viewed as part of the Trump trade. During the campaign Trump accepted digital assets as payment, bought burgers with Bitcoin and committed substantial campaign funds, bringing these assets into politics.
US media data showed Trump had won North Carolina, Georgia and Pennsylvania and led in the other four key states. Counting was not complete, but several outlets had reported his victory. The former president and Republican candidate then declared victory in a speech.
Media also projected Republican control of the Senate and retention of a House majority.
The report viewed Trump's victory as favourable for the Trump trade. He had pledged to make the US the world's crypto capital, establish a strategic Bitcoin reserve and appoint regulators supportive of digital assets. Harris had advocated a more cautious regulatory framework, while the Biden-era SEC had pursued enforcement actions against crypto.
Expectations of friendlier rules lifted digital assets. Bitwise chief investment officer Matthew Hougan said the industry felt constrained for years and that this might be ending, with participants preparing for crypto's development in the years ahead.
Bitcoin had gained about 70% in 2024, outperforming assets including US equities and gold.
Ether, then the second-largest token, rose about 7% that day. Dogecoin, promoted by Trump supporter Elon Musk, rose as much as 30%, while Solana's intraday gain approached 16%.
US spot Bitcoin ETFs from issuers including BlackRock and Fidelity had attracted $23.5 billion in net inflows since launching earlier that year, making them among the most successful new ETFs historically.
US stock futures, the dollar and Treasury yields also rose sharply alongside prospects of a Trump presidency.
Digital asset companies had complained that Biden administration officials failed to establish a clear framework for the emerging market. Following the failures during the 2022 crypto crash, particularly fraud by FTX founder Sam Bankman-Fried, the SEC intensified its crackdown.
SEC chair Gary Gensler repeatedly said the industry was rife with fraud and misconduct and that existing rules applied. Trump objected, pledging at a rally to dismiss Gensler on returning to the White House and appoint crypto-friendly regulators.
Election news versus actual BTC trading
Campaign promises, policy implementation and market prices are different kinds of information. For a trade, request a quote for the direction and amount involved. See the Bitcoin Buying Guide and BTC selling service. Before transferring, also read the transaction safety information.
