Key Points
- The total crypto market cap has seen a boost post-election, with Bitcoin reaching an ATH of over $76,000.
- Experts predict a more crypto-friendly regulatory landscape following the GOP’s victory in the U.S. elections.
Following the U.S. elections, the total crypto market cap has risen by 1.5%.
This growth has been largely attributed to the momentum created by the election results, with Bitcoin and other major cryptocurrencies experiencing significant gains.
Post-Election Crypto Surge
Bitcoin, for instance, reached an all-time high (ATH) of over $76,000 following Donald Trump’s victory in the U.S. elections. The bullish trajectory of Bitcoin was mirrored by other top cryptocurrencies.
The Republican Party’s victory is seen as a potential catalyst for a more crypto-friendly regulatory landscape in the U.S.
Matthew Sigel, Head of Digital Assets Research at VanEck, expressed his views on this matter. He criticized the SEC’s unfair penalization of individuals under unclear rules and called for an end to proactive lawsuits. He also highlighted the need for modernizing financial regulations.
Regulatory Pushback and Crypto’s Future
Sigel pointed out that the Democratic administration’s March 2022 executive order pushed federal agencies to prioritize enforcement over innovation. This resulted in intense scrutiny of the crypto sector.
He further noted that crypto poses a challenge to traditional financial intermediaries and the dominance of fiat currency. “Bitcoin is maybe the biggest threat to the dollar,” he remarked.
Meanwhile, Haseeb Qureshi, Managing Partner at Dragonfly, underscored the broad implications of the election outcome. He predicted that the Republican support would likely fuel a pro-crypto movement in the U.S.
However, he emphasized that the extent and pace of regulatory changes remain uncertain, as agency leadership and key legislative outcomes are still pending.
Qureshi also forecasted a retail-driven altcoin rally on the horizon. He anticipates that if retail investors re-engage, it could fuel an explosive rally in altcoins.
As November unfolds, the crypto market watches closely, to see if this month will bring unprecedented growth and solidify a new era of confidence in digital assets.