The past few weeks were crucial in US politics and the US economy. The United States was indulged in their presidential election and Donald Trump defeated Kamala Harris and is set to become the 47th president of the United States after Joe Biden. The victory of Donald Trump will pave a path to major changes in United States history.
The US economy will be the most notable sector in the United States after the victory of Donald Trump. Bitcoin, one of the most valuable cryptocurrencies in the world has reached its all-time high after Donald Trump was selected as the President of the United States. Crypto markets showed a huge surge on Tuesday night and Bitcoin has recorded $76,000 which is an all-time high price obliterating the previous record of $73,770.
The self-declaration of Donald Trump as a pro-crypto candidate is the vital reason for the unprecedented value hike of Bitcoin. Trump has capitalized on his pro-crypto strategy in the election and gained a favourable result for him. His victory has initiated a bullish crypto wave in the United States economy.
Bitcoin’s Unprecedented Price Hike After the Victory of Donald John Trump.
Bitcoin is on the verge of becoming the major fate-determining factor in the United States economy. We can see more advanced growth in the market performance of major crypto projects in the upcoming years. Since Trump has declared himself as a pro-crypto candidate and president, the US economy will most likely shift its concentration towards decentralized finance and digital currencies like Bitcoin.
The bullish trend can be visible from the first day itself, Bitcoin reached its all-time highest value just after the announcement of Donald Trump as the 47th president of the US. Major exchanges reported that Bitcoin reached its apex value of $76,480 after Donald Trump’s second visit to the White House. According to the major cryptocurrency exchanges and available reports, Bitcoin showed a 6.6% hike in the previous 24 hours. Bitcoin stayed steady at 74,794 by 05:19 GMT (00.19 Eastern Time).
The value surge in Bitcoin started right after Donald Trump showed superiority over Kamala Haris in the votre counting. The crypto arena started to show a bullish trend even before the official confirmation or the final result was out. The unforeseen market attraction gained by Bitcoin is because of the political and financial stand of Donald Trump. His pro-crypto attitude made Bitcoins and other cryptocurrency projects one of the most trusted investment schemes at least for the upcoming four years.
What is the ‘Trump Trade’ and How it Affects Cryptocurrency?
Trump Trade is a term that gained prominence in the 2016 presidential election. It is the market shifts and investment trends that arise due to the political strategy and economic policies associated with Donald Trump’s ruling. Donald Trump always maintained a pro-business attitude in his presidential era, so this has helped investors and contributed to the American economy.
The unprecedented price surge to Bitcoin is a result of the ‘Trump Trade’ and the trend will most likely continue since Trump has acquired a towering victory over Kamala Haris.
Is Cryptocurrency Having a Major Impact on American Politics?
The emergence of cryptocurrency has redefined so many sectors of our society. The wide acceptance it gets from people across the globe defines how these projects play a key role in the day-to-day lives of individuals. Currently, it has shown immense growth and become a fate-determining factor of an entire country’s democracy.
Cryptocurrency and coins like Bitcoin had a big impact on Donald Trump’s triumph over Kamala Harris. Political experts in the United States believe that Donald Trump’s pro-crypto attitude gained so many neutral votes and was one of the major result-determining factors in the US presidential election. Trump used his Pro-crypto approach as a major election strategy during his campaign. It worked well and we can see it from the election result itself.
Cryptocurrency is growing beyond a financial application. It is capable enough to decide the fate and democracy of a country. American presidential election is an example of this.
So many crypto projects apart from Bitcoin have benefited following Trump’s presidential election victory. The second-best cryptocurrency Ether showed a 10% price surge and reached $2,848.60 which is the highest price surge in three years. Cryptocurrencies like MATIC, XRP, ADA, and SOL all surged between 1.8% and 7%. Trump being the president of the USA will pave the path to the development of cryptocurrency projects and will be able to see more cryptocurrency projects showing bullish trends in the future.
