ECONOMIC IDEAL – <\/p>\n
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Bitcoin, the world\u2019s largest and most well-known cryptocurrency, more than doubled from this year’s low of $38,505, reaching $81,572 after hitting an intraday high of $81,899.<\/p>\n
Trump advocated for digital assets during his campaign, pledging to transform the United States into the \u201ccrypto capital of the planet\u201d and proposing the creation of a national bitcoin stockpile.<\/p>\n
While other so-called \u201cTrump trades,\u201d such as US\u00a0stocks and shorting bonds, have shown slower momentum post-election, cryptocurrency markets remain bullish.<\/p>\n
“Bitcoin\u2019s Trump-pump is alive and well,” said Matt Simpson, senior market analyst at City Index. \u201cWith Republicans close to gaining control of the House, the crypto community appears confident about deregulation in the digital currency space.”<\/p>\n
Simpson noted that although Trump\u2019s immediate focus may be on other priorities, investors anticipate a reduction in scrutiny from the US\u00a0Securities and Exchange Commission (SEC). Trump has publicly vowed to dismiss current SEC Chair Gary Gensler.<\/p>\n
The cryptocurrency sector invested over $119 million in support of pro-crypto candidates, with positive outcomes in multiple states. In Ohio, Senate Banking Committee Chair Sherrod Brown, a notable critic of crypto, was unseated. Meanwhile, pro-crypto candidates succeeded in Michigan, West Virginia, Indiana, Alabama, and North Carolina.<\/p>\n
In September, Trump announced a new crypto venture, World Liberty Financial. While details remain limited, the business has been interpreted as a strong endorsement of the sector.<\/p>\n
Billionaire Elon Musk, a key Trump ally, also supports cryptocurrencies. Eric Trump, the president-elect\u2019s son and executive vice president of The Trump Organization, is set to deliver a keynote speech at a bitcoin conference in Abu Dhabi next month, according to event organizers.<\/p>\n
The crypto rally has extended beyond bitcoin. Ether surpassed $3,200 for the first time in over three months, last trading at $3,192, while Dogecoin, initially launched as a parody, hit a three-year high.<\/p>\n