Along with the battle between red and blue in the US election, the global cryptocurrency market also set off a wave of trading, and the price of Bitcoin jumped to a record high. As of 14:24 pm Beijing time, Bitcoin, the world's largest digital asset, rose as much as 9%, soaring to a maximum of $75,252. It is reported that Bitcoin’s last peak occurred in March this year, when investors rejoiced as funds flowed into specialized US exchange-traded funds (ETFs).
Bitcoin is regarded by many as an important part of the "Trump deal" because Trump accepted digital assets as a means of payment during the campaign, used Bitcoin to buy burgers, and invested huge amounts of campaign funds to bring such assets onto the political stage.
According to data from US media, Trump has successfully won North Carolina, Georgia, and Pennsylvania (in chronological order) among the seven major battleground states, and has also gained leads in four other states.
Although the vote counting is still not over, many media have reported Trump's victory. Subsequently, in the early morning local time, the former president and Republican candidate announced his victory in the 2024 presidential election in a speech.
In addition, according to media predictions, Republicans also won control of the Senate and will maintain their majority in the House of Representatives.
Trump’s victory means the prospects for the “Trump deal” are improving.
Trump has vowed to make the United States the "cryptocurrency capital of the world," establish a strategic Bitcoin reserve and appoint a digital-asset-loving regulator. In contrast, Harris has pledged to take a more measured approach and support the industry's regulatory framework, while the Securities and Exchange Commission (SEC) under the Biden administration has cracked down on crypto through a series of enforcement actions.
Now, the prospect of friendlier crypto rules is causing the entire digital asset market to rise.
Matthew Hougan, chief investment officer of Bitwise Asset Management, commented, "The cryptocurrency industry has felt like it has been tied behind one hand for many years, and now that may be coming to an end. People are starting to prepare for the development of cryptocurrency in the next few years."
Bitcoin has risen by about 70% in 2024, surpassing assets such as U.S. stocks and gold.
In addition to Bitcoin rising to a new high, the second-ranked token Ethereum rose by about 7% that day; Dogecoin, promoted by Trump supporter and American entrepreneur Elon Musk, once rose by 30%; the small cryptocurrency Solana had a maximum intraday increase of nearly 16%.
In addition, the U.S. Spot Bitcoin ETF from issuers such as BlackRock and Fidelity Investments has attracted $23.5 billion in net inflows since its launch at the beginning of this year, making it one of the most successful new STFs in history.
In addition to cryptocurrency assets, U.S. stock futures, the U.S. dollar, U.S. Treasury yields and a range of assets related to the prospect of Trump being elected president have all risen sharply.
Digital asset companies have often complained that officials under President Joe Biden have failed to establish a clear new legal framework for the emerging market.
The U.S. SEC has cracked down on cryptocurrencies after the 2022 crypto crash triggered a series of crashes, particularly following the fraudulent conduct of Sam Bankman-Fried, the founder of cryptocurrency exchange FTX.
SEC Chairman Gary Gensler has repeatedly stressed that the industry is rife with fraud and misconduct and said existing rules apply.
However, this caused Trump's dissatisfaction. Trump once stated in a rally speech that if he returns to the White House, he will fire the current SEC Chairman Gensler and promised to introduce cryptocurrency-friendly regulatory agencies.
"Assuming Trump wins, the first test of his credibility is whether he will fulfill his promise to fire Gensler on his first day in office," said LeShi, Hong Kong managing director of market-making company Auros.