Bitcoin has surged over 30% since President Trump’s victory with Gold falling about 5% as dynamics continue shifting towards digital assets.
- Bitcoin surged above US$91,600 last week touching new record highs of US$93,000 as investors pumped money to the digital coins with hopes of easing crypto regulations.
- Other cryptocurrencies including Dogecoin – a ‘meme coin’ affiliated to Elon Musk, who is also a Trump ally – have soared 152%.
- Ethereum has had a 21.7% uptick in a month, Solana up 36.4% with Tether edging higher 1.98%, while crypto-linked stocks including Coinbase and Microstrategy were bullish too.
Gold has been slightly abated, currently on a downward range in the medium term as its safe haven status faded amid Dollar’s strength. Similarly, Silver has plummeted 3.2% month on month. On 12th November, Bitcoin ETFs experienced the largest volumes of inflows since January – about US$2 billion of capital in just two days. The US dollar, as measured by the DXY Index, has gained 2.7% to a one year high above the 106 mark.
“For too long our government has violated the cardinal rule that every bit Coiner knows by heart: Never sell your bitcoin.”
-Donald Trump
Why Trump’s win is a Big Deal to Crypto
During campaigns, President Trump openly accepted donations in cryptocurrency promising to make the US “the crypto capital of the planet.”
Trump was a one-time crypto skeptic who changed course after digital-assset firms spent heavily during campaigns in a bid to protect their interests.
In a Bitcoin conference earlier in July, Trump pledged to maintain bitcoin holdings the US government currently has affirming that he would ensure the federal government does not sell off its bitcoin holdings. “For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin,” Trump said in his keynote speech.
In the same conference in Nashville, President Trump also vowed to establish a federal bitcoin reserve and touched on why bitcoin mining operations to the US.
Gary Gensler, the chair of Securities and Exchange Commission, whose term is up until 2026 – was called out for apparently not supporting crypto, having brought forward numerous lawsuits against crypto for allegedly violating securities law. Trump promised to appoint a friendly chair for the SEC.
The alliance of Trump with Elon Musk has brought a frenzy among crypto investors with hopes of even faster surging during President Trump’s tenure.
