Trump’s Victory Fuels Bitcoin Surge as Crypto Supporters Celebrate

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Table of Content

In today edition we talk about

• Trump’s Victory Fuels Bitcoin Surge as Crypto Supporters Celebrate

• Trump's Victory Sparks New Hopes in the U.S. Crypto Sector

• Arkham Intelligence Launches Crypto Derivatives Exchange Amid Rising Demand

• WazirX Announces Plans for Decentralized Exchange After Major Hack

Trump’s Victory Fuels Bitcoin Surge as Crypto Supporters Celebrate

Donald Trump’s victory in the U.S. presidential election has sent Bitcoin prices soaring, reflecting strong support from pro-crypto voters who hoped for a price rally under his leadership. Brokerage firm Bernstein had predicted Bitcoin could reach $80,000 to $90,000 if Trump won, while it might drop to $50,000 under Kamala Harris.

Trump’s pro-crypto stance, including NFT sales, speaking at Bitcoin 2024, and pledging to fire SEC Chair Gary Gensler, resonated with crypto advocates. As election results came in, Bitcoin spiked, reaching an all-time high of $75,587.52, up 8%. MicroStrategy’s Michael Saylor celebrated the win, calling Trump a “Bitcoin President.”

Surveys suggest 5% of voters identified as “crypto single-issue” voters, with Republicans increasingly trusted on crypto issues. Analysts, including Bloomberg’s Eric Balchunas, noted a clear trend: Trump’s victory aligns with a positive outlook on crypto, promising a more favorable regulatory environment.

Trump’s pro-crypto moves began with accepting cryptocurrency donations, naming Bitcoin advocate JD Vance as his running mate, and promising pro-crypto policies. Crypto leader Mike Novogratz, even as a Democrat, noted Trump’s win as a boost for the industry. For now, crypto supporters are looking forward to a potential “golden bull run.”

Trump's Victory Sparks New Hopes in the U.S. Crypto Sector

Donald Trump’s projected win in the U.S. presidential election has ignited optimism in the crypto community, promising significant policy shifts. After securing key states, Trump is expected to introduce initiatives supportive of cryptocurrency and blockchain.

Key Crypto Pledges

Trump has made various promises to crypto supporters, including the removal of SEC Chair Gary Gensler, who has led aggressive regulatory actions against crypto firms. Trump has pledged to fire Gensler, viewing his enforcement as harmful to the industry.

Trump also vowed to support American Bitcoin mining, aiming to strengthen U.S. production and possibly limit environmental restrictions on mining operations. Additionally, he proposed creating a "strategic Bitcoin reserve" by holding onto seized Bitcoin assets, which could, according to supporters, help reduce the national debt.

Other Crypto-Friendly Policies

The president-elect aims to prevent a Central Bank Digital Currency (CBDC) in the U.S., citing concerns about privacy and government control. Furthermore, Trump promised to commute the sentence of Ross Ulbricht, founder of the Silk Road marketplace, who has become a symbolic figure for some in the crypto space.

Industry Caution

While Trump’s promises have energized parts of the crypto sector, some industry leaders remain skeptical. Critics argue that certain policies, such as an all-U.S. Bitcoin production goal, may be unrealistic or economically flawed.

Whether Trump follows through remains to be seen, but his election is already sparking a wave of anticipation and market response among crypto enthusiasts.

Arkham Intelligence Launches Crypto Derivatives Exchange Amid Rising Demand

Blockchain analytics firm Arkham Intelligence has launched a new cryptocurrency derivatives exchange, as announced on Nov. 6. The platform aims to attract retail traders and compete with major exchanges like Binance, featuring Arkham’s live on-chain audits and proof-of-reserve mechanisms. Trading is set to begin next week, although the platform will not be accessible to U.S. users.

This move comes amid a surge in crypto derivatives trading, with volumes reaching over $3 trillion in September, double the volume from the previous year. The growing demand for crypto products is expected to continue, especially following Republican candidate Donald Trump’s recent election win, which analysts say could bring more favorable federal policies for the crypto market.

Arkham’s launch reflects a broader trend, as established exchanges like CME and Coinbase also expand crypto futures and derivatives offerings. Arkham, known for its blockchain tracking tools, raised $12 million from investors, including OpenAI founder Sam Altman, to support its expansion.

WazirX Announces Plans for Decentralized Exchange After Major Hack

WazirX founder Nischal Shetty has announced plans to launch a decentralized exchange (DEX) following a security breach in July 2024 that resulted in a $235 million loss. This DEX, aimed at reducing counterparty risks, will allow users full control over their assets, enabling self-custody and secure, direct trading. Additionally, WazirX will introduce a new DEX token for platform fees and governance.

The July hack, attributed to the North Korean Lazarus Group, involved the siphoning of funds through Tornado Cash, complicating recovery efforts. In response, WazirX implemented controversial measures, limiting user trading capital and converting balances into locked Tether-USD to "socialize losses," which led to significant user backlash. Although all account balances were eventually restored to pre-hack levels in August, disputes between WazirX and custody partner Liminal continue over the security breach responsibility.

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