Trump Victory Sparks Cryptocurrency Market Surge, Bitcoin Breaks $80,000 Record High
Trump Victory Sparks Cryptocurrency Market Surge, Bitcoin Breaks $80,000 Record HighOn November 10, the price of a single Bitcoin broke through $80,000 for the first time, reaching an all-time high. This surge is closely tied to the victory of former US President Donald Trump in the 2024 presidential election
Trump Victory Sparks Cryptocurrency Market Surge, Bitcoin Breaks $80,000 Record High
On November 10, the price of a single Bitcoin broke through $80,000 for the first time, reaching an all-time high. This surge is closely tied to the victory of former US President Donald Trump in the 2024 presidential election.
According to data from Coinbase, the largest cryptocurrency exchange in the US, Bitcoin prices surpassed $80,000 per coin around 7 am EST on the 10th and continued to rise strongly. As of 1:25 pm that day, Bitcoin was up 6.22% from the previous 24 hours, reaching $81,110.99. Ten minutes later, Bitcoin traded at $80,861, slightly retracting.
Reports indicate that since surpassing $7.5 million during the day on Election Day (November 5th), marking its highest level since March, Bitcoin prices have been on a tear. The price reached $7.6 million on the 7th and climbed above $7.7 million on the 8th.
News of Trump's victory seems to have injected strong momentum into the cryptocurrency market. Besides Bitcoin, other cryptocurrencies like Ethereum and Dogecoin have also seen significant price increases. As of the 10th, Ethereum stood at $3,200 per coin, marking a new high since August. Dogecoin reached a peak of $0.24912 per coin during the day, its highest point since 2022.
The stock prices of financial services companies involved in cryptocurrencies, such as Coinbase and Robinhood Markets, have also surged, with Coinbase's stock soaring 48% last week.
Trump, during his campaign, pledged to make the US the "global cryptocurrency capital" and promised to loosen regulations on virtual currencies. He promised to establish a national cryptocurrency reserve using the over $16 billion in Bitcoin the US government has accumulated through asset forfeiture and to drastically reduce interest rates. Therefore, industry insiders anticipate strong support for virtual currencies during a second Trump term.
Alex Thorne, Head of Research at cryptocurrency investment firm Galaxy Digital, said, "Cryptocurrency is entering a golden age," and analyzed, "Trump and his team and supporters' stance in favoring cryptocurrencies increases the likelihood of him following through on his commitments to the industry." Thorne is extremely optimistic about the future of the cryptocurrency market. "In such an environment, it is expected that Bitcoin and other digital assets will trade significantly beyond their current historical highs in the next two years... The headwinds that once prevailed in the world's largest capital markets are now transforming into tailwinds."
Paul Grewal, Chief Legal Officer at Coinbase, stated, "It was a big night for crypto and crypto voters on Tuesday night. We have the most pro-crypto Congress ever." The General Manager of Robinhood's crypto division stated that the company aims to be able to operate within the government's framework or collaborate with the government.
According to a report by the US consumer advocacy group Public Citizen, the crypto industry is the largest corporate donor during the 2024 US election cycle. The report states that contributions from the industry comprised 44% of all corporate donations as of August. Other reports indicate that cryptocurrency companies Coinbase and Ripple spent $135 million supporting the Republican-aligned political action committee "Protect American Jobs" and the Democratic-aligned political action committee "Protect Progress," in order to support "industry-friendly candidates" entering Congress.
According to US non-profit organization StandWithCrypto, 268 crypto-supporting candidates have been elected to the House of Representatives, and another 19 have been elected to the Senate as of November 10th.
However, in June 2021, Trump called the industry a "scam" that affects the value of the US dollar.
Red Star News reporters Deng Shu Yi, Zhang Li, and Feng Lingling edited this report.
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