Crypto Surge: Bitcoin and Ethereum React to Trump’s Early Election Lead
The Surge in Crypto Amid Election Chaos
Bitcoin rallied more than 8%, reaching over US$75,000 as Donald Trump took an early lead in the US presidential election, causing traders to closely monitor the results. This spike signals market sentiment closely linked to Trump's favorable stance toward digital assets.
Election Numbers and Market Volatility
With polls closed in key states like Georgia and North Carolina, traders are anticipating substantial volatility. The 30-day gauge of implied bitcoin swings is at its highest since previous political upheavals, suggesting increased market activity following the election results.
- Doge surged 18% owing to its ties with Elon Musk.
- Investors pulled US$579.5 million from spot-bitcoin ETFs just before the election.
Candidates' Stances on Crypto
Trump's position as a digital-asset supporter contrasts with Kamala Harris's more measured approach toward regulation. Trump aims to establish the US as the crypto capital and ensure a strategic bitcoin reserve.
Outlook for the Industry
Executives remain optimistic about a shift in regulatory outlook, contrasting sharply with SEC Chair Gary Gensler's previous enforcement actions against the crypto sector.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.