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- Bitcoin hit a record US$76.5K following Donald Trump’s return to the White House. The stock market also reached all-time highs.
- Altcoins, including Ethena, Raydium, Aave, and Uniswap, saw significant gains, many of them surging by double digits.
- Analysts anticipate a pro-crypto stance from Trump’s administration, with possible regulatory progress on stablecoins and crypto market structure, along with a rise in crypto-focused ETFs.
So, the man is the president again, and like it or not, his victory has sent the stock market and Bitcoin to new heights.
That’s right — Bitcoin has hit a new peak of US$76.5K (AU$116K), fueled by Donald Trump’s presidential win and ongoing support from companies like MicroStrategy and investors and entrepreneurs like Elon Musk.
Related: UK Pension Fund Cartwright Makes 3% Bitcoin Allocation
According to data from Santiment, the S&P 500 also reached a record high, reflecting investor optimism on Trump’s pro-business policies and stable capital gains taxes in the coming years.
In contrast, gold and silver, typically safe investments, dropped as confidence in the economy grew, prompting investors to shift funds from precious metals to riskier assets like cryptocurrency.
Bitcoin’s spike, up nearly 10% in 24 hours, reflects optimism about possible regulatory relief and ongoing institutional interest, as seen in recent inflows to spot Bitcoin ETFs.
Besides BTC, altcoins also saw gains in the last 24 hours: Ethena (ENA) rose 38%, Raydium (RAY) 30.2%, and Aave (AAVE) 27.2%. Uniswap (UNI) also gained 30%, buoyed by expectations for clearer policies and collaborations like Aave’s with the Trump-linked World Liberty Financial project.
Regulatory Shifts on the Horizon
Trump’s pro-crypto position is expected to foster quicker progress on legislation around stablecoins and market structure. Analysts at trading firm Bernstein anticipate regulatory progress that could directly benefit stablecoin issuers such as Circle and Paxos, as well as major US-based crypto exchanges and brokers, offering them clearer operational guidelines.
Additionally, Bernstein foresees a rise in crypto-related ETF offerings beyond Bitcoin, which could broaden market participation and institutional interest. The report also notes that Trump’s pre-election statements included support for establishing a national Bitcoin reserve and expanding crypto mining within the US, signalling that these initiatives may gain traction during his term.
Related: Solana ETF Next? SOL Rallies 14%, Surpasses BNB to Become Fourth Largest Crypto
And Gensler? Well, it’s kind of late for him already. He’ll most likely get replaced sooner than later, and many potential candidates are already on the table.