Highlights:
- Trump’s near-win drives optimism in U.S. markets, with stocks rising and the dollar reaching a four-month high.
- Crypto markets react positively as Trump’s victory suggests potential for lighter regulation of digital currencies.
- Pro-crypto Congress gains support, with industry leaders expecting more blockchain and tech advancement in the U.S.
Donald Trump is just three electoral votes away from winning the U.S. presidential election, with major news outlets already declaring his victory. Trump’s margins in battleground states like Pennsylvania, Georgia, and North Carolina make his path to the required 270 electoral votes almost certain. While Trump has not been announced officially as a president-elect, his supporters are celebrating what could likely turn out to be a decisive win.
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🚨🇺🇸 TRUMP JUST NEEDS ALASKA TO CROSS THE LINE 🇺🇸🚨
Despite being the predicted winner, Trump currently holds 267 Electoral College votes, just 3 short of victory.
If Alaska's results come in, its 3 votes will push him past the threshold, making him the official winner. 🗳️… pic.twitter.com/TurEVJuwG7
— Catch The Latest (@CatchTheLatest) November 6, 2024
Crypto Market Reaction and Economic Impact
Generally, the crypto market has shown a positive response to the election progress. Bitcoin rallied above $ 75,000 to the peak as investors remain optimistic that digital currencies will face less regulation. Dogecoin also saw a sharp increase, overtaking XRP in market capitalization. These market movements are based on the belief that Trump may bring positive changes for cryptocurrencies.
U.S. stock futures have surged and the dollar index has climbed to a four-month high of 105.19 as Trump nears victory. Investors anticipate his policies will drive inflation and lift bond yields. Treasury yields have reached 1.95% which reflects market confidence in economic growth.
However, European markets are cautious as the Euro Stoxx 50 index fell 0.5%. On the other hand, oil prices have dropped slightly because of the strengthened dollar.
Pro-Crypto Congress Set to Shape Policy
In a change of events, the United States now has what Coinbase’s chief executive officer, Brian Armstrong celebrates as the “most pro-crypto Congress ever”. Crypto-friendly representatives won seats in both the House and Senate gaining major control. The industry anticipates less regulation and more encouragement of new developments in blockchain technology.
Welcome to the new members of America's most pro-crypto Congress ever… 219+ pro-crypto candidates and counting have now been elected to the House & Senate.
Tonight the crypto voter has spoken decisively – across party lines and in key races across the country. Americans… pic.twitter.com/t91wC3Wtzr
— Brian Armstrong (@brian_armstrong) November 6, 2024
However, crypto advocate John Deaton lost to Elizabeth Warren in the Massachusetts Senate race. Armstrong is hopeful that the regulations will improve in the future. He hopes this will reignite the growth of the sector in the United States.
Trump’s Stance on Crypto Regulations
A Trump administration might bring about significant shifts in American crypto laws. He has suggested that he plans to fire the current SEC Chair, Gary Gensler, and replace him with someone likely more favorable to the crypto industry.
Trump has also proposed a U.S. Bitcoin reserve, which, if implemented, would be a major policy change in the management of digital resources. Furthermore, Trump’s blockchain project, WLFI, is expected to gather more investors after underperforming in its initial sale.
Addressing his supporters earlier today, Trump expressed gratitude and vowed that they will usher in a new ‘golden age’ for America through industrialization and focus on advanced technologies. He described Elon Musk as a genius and specifically appreciated Musk for his work in SpaceX. Trump also hinted at potential cooperation between the public and private sectors, especially in the technology and financial sectors which can boost new sectors such as cryptocurrency.
International Support from Crypto Leaders
Trump has also gained support from the global leaders in the crypto business due to his pro-business administration. El Salvador’s Nayib Bukele, who actively promotes the use of Bitcoin, was among the first world leaders to congratulate Trump.
Congratulations to the President-Elect of the United States of America, @realDonaldTrump 🇺🇸
May God bless and guide you. pic.twitter.com/kl1lr0Dwv4
— Nayib Bukele (@nayibbukele) November 6, 2024
U.S. entrepreneur Mark Cuban has also congratulated Trump. As the vote count continues, Trump’s victory is imminent.
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