Trump win fuels $3T surge in cryptocurrency market

The value of the global cryptocurrency market topped $3 trillion on Nov. 14, driven by expectations of favourable US regulations following Donald Trump’s recent presidential election victory.
According to data from CoinGecko, total market capitalisation reached $3.2 trillion in early trading in Asia, surpassing its 2021 highs fuelled by pandemic stimulus.

Bitcoin, the dominant cryptocurrency, hit a record price of $93,480, contributing to the market’s latest milestone. “Bitcoin tends to break out first, followed by altcoins,” said Matthew Dibb of Astronaut Capital, highlighting the flow of capital within the asset class.

Trump’s win, along with pro-crypto lawmakers entering Congress, has reduced regulatory uncertainty, boosting market confidence. Bitcoin has risen 30 per cent since the Nov. 5 election to $90,000, while ether increased 33 per cent to $3,220.

Dogecoin surged 140 per cent, bolstered by endorsements from Trump ally Elon Musk. Investors are also flocking to cryptocurrency ETFs, a potential signal of increased institutional participation.

Attribution: Reuters

Subediting: M. S. Salama