Donald Trump's Win in the US Election Has Given the Cryptocurrency Market Quite a Boost

With enthusiasm and excitement around the Spot ETF and Donald Trump's win in the US election, the cryptocurrency market has witnessed quite a boost in the last few days.

The cryptocurrency market has seen a surge of enthusiasm and excitement in the last few days, thanks to the Spot ETF and Donald Trump’s victory in the US election. After a sluggish 2023, 2024 was widely anticipated to be the year of the bulls, and so far, it has held true to some extent. Of the 11 months, eight have been positive in terms of Bitcoin growth, particularly November.

BTC surged to a new ATH at $93k and is still trading above $9ok. Many altcoins have also seen similar gains, with many even achieving new ATHs. However, with the year coming to a close and another set to begin, there is a palpable air of excitement about what lies ahead for the crypto market.

Better Cryptocurrency Market RegulationThroughout the year, all eyes were on the US election results and their potential impact on the cryptocurrency market. Of the two candidates, Donald Trump was seen as the more crypto-friendly, promising better crypto regulation. While his biggest competitor, Kamala Harris, also recognized the industry and promised to work on its development.

However, with Trump calling himself the “Bitcoin president,” launching a crypto venture, promising to fire Gary Gensler, and making other promises, the vote went in his favor. Interestingly, Donald Trump’s win became crypto’s win, as the cryptocurrency market turned bullish following the result declaration.

More importantly, Trump is bringing in pro-crypto candidates for higher positions, so the anticipation for upcoming crypto regulations is high. Many analysts and crypto leaders have highlighted the need for clear rules and regulations for the industry, which could help rather than hinder the sector. Most notably, many have called for this to begin with Gary Gensler’s resignation as SEC Chair.

Remember:

Cycles repeat. ✅

There’s more liquidity in the system now than in 2017.

More institutions are involved.

More partnerships exist.

More crypto regulations are taking shape.

And yet, without any of these, XRP still outperformed BTC and ETH in 2017.

Documented. ??… pic.twitter.com/rONIJRIGhl

— SMQKE (@SMQKEDQG) November 16, 2024

Ultimately, with Trump’s inauguration set for January, the formation of a regulatory framework is likely to take place in 2025.Increased Crypto AdoptionThe governments of El Salvador and Bhutan are in the spotlight for their Bitcoin holdings as they have openly welcomed this crypto to achieve greater financial freedom. According to Arkham data, Bhutan has over $1 Billion in Bitcoin holdings. Notably, this is one-third of the country’s gross domestic product, highlighting the scale of BTC adoption. Of this, the Bhutan government sold $33M BTC through Binance as the Bitcoin price surged to new ATH, making a substantial profit on their initial investment.

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