Speaking in West Palm Beach in the US state of Florida, Donald Trump declared victory and thanked those who voted for him for electing him US president.
According to national and critical state polling data released by the Associated Press on Wednesday, Trump currently holds a significant lead over Kamala Harris in the US presidential election.
Many news organisations have begun predicting a Donald Trump victory, while the Speaker of the US House of Representatives, Mike Johnson, has declared that Trump is now the President-elect of the United States.
There was a sharp time gap between the campaigns of this presidential race. Trump, who has had presidential ambitions for nearly a decade, faced off against US Vice President Kamala Harris, who had only joined the race a few months earlier. Nevertheless, the competition was intense and captivated citizens.
Early results showed that Harris and Donald Trump were neck and neck in almost all of the seven swing states. Meanwhile, as Trump’s victory became clear, the Bitcoin price exceeded $75,000, reaching an all-time high.
Donald Trump ‘s Victory Boosts Bull Market Hopes
Trump has shown strong support for the crypto sector this year. He called for the creation of a national Bitcoin reserve and promised to oust anti-crypto SEC Chairman Gary Gensler on his first day if elected president. In addition, he launched the decentralised finance project World Liberty Financial with his family.
XYO Network co-founder Markus Levin said that Trump’s victory will likely favour cryptocurrencies.
Levin said, ‘After all, institutions such as the IMF and the World Bank are currently sceptical of crypto. So if there is a pro-crypto administration in the White House, these institutions will inevitably look more favourably on crypto, and as a result, they will have a significant impact on the world in terms of adoption and appropriate regulations.’
Komodo CTO Kadan Stadlemann also believes that Trump’s victory will trigger a rise in the market. This is because US crypto companies will be able to attract more investment.
Stadlemann said, ‘Donald Trump is likely to appoint an SEC chairman who is more welcoming to crypto. In this case, more spot crypto ETFs may be approved and favourable regulations for DeFi may be approved.’ The fact that US companies see more innovation and growth may be effective in opening global companies to the US market.
Meanwhile, HTX Ventures said that if Trump is elected president, crypto companies may stop leaving the US, which could encourage many companies to go public.
While Bitcoin Rises to $ 75 Thousand, Open Positions Also Broke a Record
According to CoinGlass data, open positions have also increased by 13.29% since 5 November to $45.41 billion as the Bitcoin price rose to $75,000.
Open interest, which refers to the number of active derivatives contracts such as futures and contracts, shows that market activity has increased as investors increasingly open long and short positions.
The increase in open positions was seen during the period when Bitcoin surpassed its all-time high of $ 73,800 recorded in March.
Bitcoin Passed Meta and Ranked 9th
Bitcoin surpassed Meta Platforms (Facebook) in the global market capitalisation ranking, ranking 9th, with the rise triggered by the optimism created by Donald Trump’s victory in the 2024 presidential elections.
With a market capitalisation of $1.46 trillion and a price of $73,800, Bitcoin overtook Meta, which has a market capitalisation of $1.45 trillion.
Bitcoin had previously surpassed Meta. The leading cryptocurrency surpassed Meta in March when it reached a price of over $ 73,000 and broke a record.
The top assets by market capitalisation include tech giants and precious metals. Gold has a market capitalisation of $18.359 trillion, followed by NVIDIA at $3.431 trillion and Apple at $3.377 trillion.
Other leading companies include Microsoft, Amazon and Alphabet (Google).
‘The market seems to have already reacted to Trump’s hints to use BTC as a strategic reserve asset,’ said Bitget Research analyst Ryan Lee.
‘If Donald Trump wins, BTC could continue to rise without a major setback and reach much higher levels,’ Lee said.