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Cryptocurrency News Articles

Bitcoin jumps 9% as crypto industry senses 'one hand tied behind its back' coming to an end

Nov 07, 2024 at 10:30 am

The largest digital asset rose as much as 9pc to $75,372 (€70,391) as early results showed Mr Trump barrelling towards a win.

Bitcoin jumps 9% as crypto industry senses 'one hand tied behind its back' coming to an end

As early results indicated a landslide victory for Mr Trump, the largest digital asset experienced a surge of up to 9pc, reaching $75,372 (€70,391).

By 10:40am yesterday morning, it was trading at just below $74,000 as networks announced Mr Trump's victory, paving the way for his second term in the White House.

The last peak occurred in March, driven by investor enthusiasm over inflows into US bitcoin exchange-traded funds.

Many view Bitcoin as a Trump trade due to the former president's embrace of digital assets during his campaign, following a major push by the industry.

Crypto ascended to the upper echelons of politics by deploying a vast campaign-finance war chest to advance its agenda.

Mr Trump promised to establish the US as the crypto capital of the world, create a strategic bitcoin stockpile, and appoint regulators who champion digital assets.

On the other hand, Ms Harris expressed support for a regulatory framework for the industry, while the Securities & Exchange Commission (SEC) under the Biden administration undertook a clampdown through numerous enforcement actions.

After speaking to supporters in West Palm Beach, Donald Trump holds hands with former first lady Melania Trump (Lynne Sladky/AP)

"The crypto industry feels like it's been operating with one hand tied behind its back for years, and it senses that might be coming to an end," said Matthew Hougan, chief investment officer of Bitwise Asset Management. "People are starting to position for the next few years in crypto."

In Ohio, Republican car dealer and blockchain entrepreneur Bernie Moreno triumphed over Democratic incumbent and Senate Banking Chair Sherrod Brown, securing a senate seat.

Crypto titans spent around $40m to defeat Mr Brown - a long-standing sceptic of the industry - highlighting the impact of their political expenditures.

The prospect of friendlier US crypto rules led to gains across the digital-asset market. Second-ranked token Ether gained about 8pc. Dogecoin, a meme-crowd favourite championed by Trump supporter Elon Musk, rallied 31pc at one point.

Digital-asset companies frequently lamented the failure of officials under President Joe Biden to establish a clear new legal framework for the emerging market.

SEC Chair Gary Gensler asserted that existing regulations apply and repeatedly described the sector as being rife with fraud and misconduct. The agency cracked down on crypto following a 2022 market rout that triggered numerous collapses, including the bankruptcy of Sam Bankman-Fried's fraudulent FTX exchange.

"The first test of [Trump’s] credibility to watch out for is whether he will deliver on his promise to fire Gensler on his first day in office," said Le Shi, Hong Kong managing director at market making firm Auros.

Bitcoin has risen 75pc in 2024, outperforming assets like stocks and gold.

Following their launch at the beginning of the year, US spot-bitcoin ETFs, offered by issuers like Blackrock and Fidelity Investments, have attracted a net inflow of $23.5bn - among the most successful new ETFs in history.

News source:www.independent.ie

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