The value of the cryptocurrency market has surpassed $3 trillion in anticipation of an industry-friendly US president.
The global crypto market value hit an all-time high of nearly $3.2 trillion on November 14 in Asia.Reuters reportedciting data from CoinGecko.
Crypto investors are banking on the idea that more favorable U.S. regulations could lead to a new boom for the digital assets sector.says the report. The $3.2 trillion figure is higher than the level reached during the 2021 crypto boom.
The most popular cryptocurrency is also seeing record prices, bitcoinwhose value exceeded $93,000. Another high-profile piece, ether is up 33% since the election, while the currency promoted by Elon Musk dogecoin jumped 140%according to the report.
Musk is a supporter of President-elect Donald Trump and is featured in the new administration, where he will help oversee an initiative called the Department of Government Efficiency, or DOGE (also short for dogecoin).
“Typically the way this market moves is that Bitcoin will break out, and then the rest of the altcoins will follow,” said Matthew Dibbchief investment officer at cryptocurrency asset manager Astronaut Capitalaccording to the report. “So there is this gradual turnover of capital…and then we can expect the total market capitalization to increase. »
Trump’s victory, along with the election of several pro-crypto lawmakers, fueled a wave of optimism around the industry, which has long been calling for more cryptocurrencies. regulatory claritysays the report.
The need for clear regulatory frameworks remains one of the most pressing issues facing countries. crypto industryand a Trump administration would likely see shake-ups at the top of regulatory agencies like the Securities and Exchange Commission.
“Such a change could lead to a relaxation of standards regarding securities classification and tokenized assets, allowing crypto businesses to operate with greater flexibility,” PYMNTS wrote last week.
Trump campaigned the idea of transforming the United States into the “crypto capital of the planet”, in stark contrast to THE President Joe Biden’s administration, criticized by the industry for pursuing “regulation by enforcement” under the SEC.
Trump sharply criticized the SEC chairman Gary Genslerwho has taken a strong stance on crypto, ranking many crypto assets as titles. Trump’s promise to replace Gensler with a more crypto-friendly SEC chief gave rise to speculation that the commission would take a more laissez-faire stance under a new chairman.
