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Home»Regulation»Bitcoin hits record $76,000 as Trump victory heralds easing of regulations
Regulation

Bitcoin hits record $76,000 as Trump victory heralds easing of regulations

November 9, 2024No Comments4 Mins Read
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Bitcoin rallied Wednesday, reaching unprecedented heights as former President Donald Trump defeated Vice President Kamala Harris to win the White House.

The price of the flagship cryptocurrency was last up 9% at around $76,052.66, according to Coin Metrics, after hitting a new record high of $76,493.86.

“Themes around Trump trading crypto are deregulation, potential tax cuts for an asset that is both held long term but also day traded, less reliance on parties from government like financial institutions and the Fed – or at least an alternative to a decentralized currency – and the overall support for risk assets and the growth of crypto… is really what makes it grow,” he told CNBC. Sylvia Jablonski, CEO and Chief Investment Officer at Defiance ETFs.

Ether jumped 11%, while the token was tied to its competitor, Solanarose 13%. Payment token XRP jumped more than 5%. Meanwhile, memecoins have skyrocketed, with dogecoin up more than 15%.

Actions of Coinbase surged 31.11%, posting its best day ever since its first day of trading. MicroStrategywhich trades as a high beta play on the price of bitcoin, rose 13%.

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Coinbase is poised for its best day on record since its direct listing in April 2021.

As Bitcoin benefits from its inflation-hedging narrative, investors in other cryptocurrencies and Coinbase are betting that the U.S. regulatory environment will be more favorable to the crypto industry, as Trump promised during the electoral campaign.

Voters this election were concerned about the state of the government deficit, which increased 8% in fiscal 2024 to $1.8 trillion, and the increased tax cuts promised by Trump and Harris. Bitcoin, like gold, is seen by many investors as a hedge against the potential for fiscal and monetary policies to combine to reduce the value of the dollar and increase inflation.

Trump had presented himself as the pro-crypto candidate early in the race and was courting the industry directly. This included statements that he would install a crypto advisory board within his first 100 days in office, establish favorable regulations to encourage “made in the USA” bitcoin mining, launch a strategic national bitcoin stockpile and – which perhaps resonated the most with the industry. – replace Securities and Exchange Commission Chairman Gary Gensler.

Gensler has become an adversary of the crypto industry, which has long been frustrated by the SEC’s refusal, under his leadership, to provide clear guidance to US crypto companies – choosing instead to regulate through enforcement, according to the industry. This is largely why this year’s presidential election has been considered the most important in the history of the crypto industry.

“Although President-elect Trump has claimed to make the United States the “crypto capital of the world,” the details of his plans remain to be seen, and I think it will take some time to truly understand his position on the matter. regard to cryptography,” Anthony said. Yeung, global head of strategic development at CoinCover.

“It is in the industry’s best interest for the United States to act as soon as possible when it comes to developing a regulatory framework,” he said. “What it needs is targeted and proportionate regulation that prioritizes consumer protection and encourages innovation. Achieving this balance will require close collaboration between regulators, policymakers and stakeholders. industry.”

In the 2012, 2016, and 2020 elections, bitcoin saw returns of approximately 87%, 44%, and 145%, respectively, within 90 days of Election Day. This is partly because election years fall on Bitcoin halving years, when the supply of the cryptocurrency dwindles. Post-election results have also tended to align with major policy changes by the Federal Reserve. This year, the market expects further interest rate cuts.

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