What a shocker! Democratic candidate Kamala Harris has conceded her defeat in the US election, marking the beginning of a new era led by Republican leader Donald Trump, who has secured at least 295 electoral votes as against Harris’ 226. This marks his return to power after being elected for the first time in 2016.
Trump’s first term was marked by an incredible 2,372.05% growth in the Bitcoin market. The cryptocurrency market thrived during his presidency, raising expectations for further growth in his second term. Trump campaigned as a pro-crypto leader, and the crypto community is now eager to see how Bitcoin will perform under his renewed leadership.
Let’s explore, shall we?
When Trump took office on November 8, 2016, Bitcoin was priced at around $600. By the time he left office on November 3, 2020, the price had soared to $14,033.10. This was a remarkable 2,338% increase during his first term. In comparison, during President Biden’s time in office, Bitcoin grew by 394.45%, which, while impressive, was much slower than the growth seen during Trump’s first term.
Trump, during the campaign, pledged that he would introduce pro-crypto policies. Additionally, he vowed to remove US SEC Chairman Gary Gensler, who is unpopular among the crypto community for his aggressive anti-crypto stances. Experts anticipate that the crypto market could witness massive growth during the upcoming Trump presidency.
Over the last 24 hours, the crypto market saw a 0.3% increase in market capitalization. Nearly all major cryptocurrencies experienced gains, with Bitcoin leading the way, surging 8.93% and hitting a new all-time high. Ethereum, Solana, BNB, XRP, Lido Staked Ether, Cardano, and Avalanche all saw growth in the same period.
As Trump begins his second term, the crypto market will be watching closely to see if Bitcoin continues its impressive growth. With Trump’s pro-crypto stance, the market could see another period of significant expansion, much like during his first term.
With a pro-crypto administration back in power, the stage is set for another remarkable chapter in Bitcoin’s journey. We’re excited and hope you are too!
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