The cryptocurrency market witnessed a historic rally following Donald Trump's victory in the 2024 U.S. presidential election, with Bitcoin and other digital assets surging to new record highs. The euphoria was fueled by Trump's pro-crypto stance and promises of a more favorable regulatory environment for the industry.
Bitcoin, the world's largest cryptocurrency, soared past the $89,000 mark, setting a new all-time high above $89,600. The surge was driven by optimism surrounding Trump's pledges to make the U.S. the "crypto capital of the world" and establish a strategic national Bitcoin reserve.
Smaller cryptocurrencies like Ethereum, Dogecoin, and Shiba Inu also witnessed substantial gains, partly due to speculation surrounding Elon Musk's potential involvement in the new administration. Musk, a vocal supporter of Trump and proponent of cryptocurrencies, has previously hinted at the possibility of overseeing a new government efficiency department, playfully dubbed the "Department of Government Efficiency" or D.O.G.E.
The crypto community poured substantial funds into Trump's campaign and supporting pro-crypto candidates, anticipating a more welcoming regulatory landscape. Trump has vowed to replace the current Securities and Exchange Commission (SEC) chair, Gary Gensler, who has taken a tough stance against the crypto industry, with a more crypto-friendly regulator.
