The cryptocurrency market’s reaction to the event was uniformly positive. In particular, Bitcoin set a new all-time high, which now stands at $76,400. Here is an hourly chart of the cryptocurrency’s exchange rate.

Hourly chart of the Bitcoin rate on the Binance exchange

Well, this is how the situation with the largest cryptocurrencies by market capitalisation looks like. The best growth over the day was ETH – the coin jumped by 9 per cent.

The largest cryptocurrencies by market capitalisation

What will happen to cryptocurrencies now

Nick Carter, a partner at Castle Island Ventures, called Trump’s election “the greatest comeback story ever.”

The argument for this is also that Republicans will dominate the Senate and House of Representatives, meaning they will form a mono-majority led by the president. Here’s a comment on that.

They tried to kill him. They declared him impeached. They made him a criminal. They tried to put him in jail. They tried to bankrupt him with bogus lawsuits. They slandered him. They deprived him of his freedom, but he persisted. The greatest comeback story of all time.

Actual results of the U.S. presidential election

Casa co-founder Jameson Lopp also shared his opinion on the election results on Twitter. His remarks are cited by The Block.

Bitcoin was designed to operate in a hostile environment. Stupid politicians thought they could wage war against us. Today they got our answer.

Bitcoin rate changes in a day

What is probably meant here is the general favour of Trump’s election campaign towards the industry. Thanks to his promises, he was able to lure a significant portion of cryptocurrency voters to his side. Their votes may well have played a role in a strategic swing in favour of the Republicans. Still, there are more than enough users of digital assets in the United States, and the hostile policy of the Democrats towards coins already irritated many people.

On 6 November, billionaire Ilon Musk published statistics of record Twitter usage. Against the backdrop of his active support for Donald Trump’s campaign, this is also understandable. Here is the relevant image.

Twitter usage stats

Earlier, Musk also talked about the possibility of creating a so-called “Department of Government Efficiency” under the Trump administration, which in the original English sounds like “Department of Government Efficiency”.

Accordingly, the new body could receive the acronym D.O.G.E., coinciding with the ticker of the popular Doge meme-token, which Musk actively promoted in 2021.

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Satoshi Action Fund co-founder Dennis Porter said that now the crypto market has lost one of the main obstacles to its development. Still, Trump’s choice means the impending firing of SEC Chairman Gary Gensler, who has created a lot of problems for the coin sphere in recent years. The politician promised to do so in late July during a speech at the Bitcoin 2024 cryptocurrency conference.

Here’s Porter’s comment.

Let’s be clear – the movement against Bitcoin died last night. The US will become the most cryptocurrency nation in the world. We will have a strategic reserve of BTC. We will enshrine a national law to protect the rights of investors in digital assets.

Senator Cynthia Lummis also shared a positive comment about the developments. She stated on Twitter that the US will have a strategic bitcoin reserve.

Senator Cynthia Lummis’ fresh tweet about the upcoming creation of the US Bitcoin Reserve

At the same time, earlier the politician introduced a bill that would require the US government to purchase one million bitcoins. We wrote about it in a separate article.

Outside of the Republican and Democrat camps, many cryptocurrency enthusiasts – primarily their early users – identify themselves as anarcho-capitalists or libertarians who value minimal government intervention and financial freedom. Throughout the election race, they criticised both candidates. However, since Trump has already been elected, many would still like to see his promises regarding cryptocurrencies fulfilled.

One of these is Trump’s willingness to commute Ross Ulbricht’s sentence “on his first day in office.” Ulbricht is currently serving a double life sentence and 40 years on top for his role in the creation of the Silk Road darknet marketplace. Accordingly, this makes it impossible for the developer to be paroled.

Silk Road creator Ross Ulbricht

According to Cointelegraph, Trump has repeatedly promised to end the war on the crypto market if elected. He has also stated that he allegedly aims to make the US the “crypto capital of the planet” if he wins the election.

Ledger’s head of policy Seth Hertlein also shared the commentary.

This year has been a historic year for cryptocurrency in the election. We now see that across political boundaries, the power of cryptocurrency is undeniable – especially among congressmen who support crypto initiatives.


Overall, it can be argued that crypto enthusiasts see Donald Trump's victory in the presidential election as a positive development. This is already reflected in the rates of coins. Moreover, the situation can also be improved by the lowering of the benchmark interest rate by the US Federal Reserve leadership, one of which is expected to take place already tonight.


Look for more interesting things in our crypto chat room. We are waiting for you there to keep up to date on the coin market and try to make as much money as possible before the end of the bullrun.

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