Trump Win Sends Bitcoin to New Heights, While Altcoins Surge
Donald Trump’s return to the presidency has sent Bitcoin flying to record highs, while ETH altcoins surge.
What's the Scoop?
- Electoral Results and Popular Vote: Donald Trump won the presidency by capturing key battleground states, surpassing the 270 electoral votes needed, and also won the popular vote, indicating broad voter support.
- Republican Congressional Gains: The Republican Party regained control of the Senate, securing a majority with at least 51 seats, and is projected to win the House, positioning the GOP for unified control of Congress.
- Bitcoin Surge: Bitcoin hit a new all-time high of >$75K as results poured in.
- Top-Performing Altcoins: Within the top 100, Ethereum-based altcoins experienced notable gains, with Uniswap rising ~30%, Aave up ~25%, SPX up ~24%, and Lido up ~20%.
Bankless Take:
Trump's shocking landslide victory sent the market surging higher than many expected in the short term. While many expected confirmation of his victory to be a heavy “sell-the-news” event, the long-term ranging of Bitcoin’s price may have absorbed most of the uncertainty around the election’s outcome, potentially positioning us for further positive price action. Interestingly, many core Ethereum alts like Uniswap and Aave have stood out as the top performers on this news, fueled by speculation about what a new SEC, potentially helmed by Hester Peirce, may bring for crypto. Now, the test will come from whether Trump will fulfill his lofty promises like creating a strategic Bitcoin reserve or developing comprehensive regulatory frameworks for crypto. But until those are put to the test, crypto looks safely and certainly in the green.
