4 min readBitcoin surged to a record high, and cryptocurrencies soared on Wednesday as former President Donald Trump declared victory in the 2024 US elections.
At the time of writing, Trump has over 277 electoral votes, and he declared himself the winner several hours ago. World leaders have already started to congratulate the Republican candidate.
A red sweep?
At the time of this writing, Trump has 277 electoral votes. The Republicans have won the majority in the Senate and remain in the lead for the House with 195 Republicans against 174 Democrats.
Pro-crypto pledges help boost BTC
Should Trump win with a red sweep, this will give him a strong platform on which to implement his policies. In the election campaign, Trump has been pro-crypto, pledging to set up Bitcoin strategic reserves, promote mining in the US, adopt a pro-crypto stance over rules and regulations, and he promised to replace Security and Exchange Commission chair Gary Gensler, who has been widely seen as a crypto hawk. Gensler was appointed SEC chair by President Joe Biden in 2021 and has sued numerous crypto exchanges and projects, as well as brought enforcement actions against Coinbase and other decentralized exchanges.
Owing to Trump’s promises, many in the crypto industry have high hopes for the incoming presidency and will now look for clarity when he takes office next year.
BTC returns to the top 10 biggest financial assets
Bitcoin experienced wild volatility on Tuesday, and early this morning, the world’s largest cryptocurrency skyrocketed from 69,000 to a new all-time high of 75,400. The move hurt over-leveraged short traders with total value liquidations of $500 million. The move also helped Bitcoin return to the top ten biggest financial assets by market cap. Bitcoin’s market cap is now above $1.460 trillion and dominance over altcoins has remained just shy of 57%.
Meanwhile, other cryptocurrencies were tracking Bitcoin higher, with Ethereum being paver at 8%, Solana gaining 12%, and dog coin booking gains of 17%.
Donald Trump’s return to the White House has seen the cumulative crypto market cap add more than $200 billion since yesterday, reaching $2.570 trillion, according to Coin Glass.
Where next for Bitcoin?
Bitcoin’s break out from its seven-month falling channel has seen the price push above 73,750 to a fresh all-time high of 75,400. The breakout, combined with the RSI above 50, keeps buyers hopeful of further gains, with 80k the next logical level. A close above 73,750 this week is key to targeting 80k near term.
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