Bitcoin and new US president – level 3
15-11-2024 07:00
Bitcoin surged to over 81,000 dollars after Donald Trump was elected US president. Investors believe his administration will create a more favorable environment for cryptocurrencies, leading to record highs for Bitcoin, Ether, and Dogecoin.
Trump has advocated for the US to become a crypto capital, and his support for digital assets has increased market confidence. Pro-crypto candidates were also elected across the US, with the cryptocurrency industry investing over 119 million dollars to support them. Meanwhile, the election’s results mean that Republican control of Congress may push for crypto deregulation. The industry is also encouraged by Trump’s plans to fire US Securities and Exchange Commission Chair Gary Gensler, whose stance on digital assets had been stricter.
Major figures like Elon Musk have supported Trump’s crypto initiatives, and Eric Trump will soon speak at a cryptocurrency conference in Abu Dhabi. Market analysts believe the ‘Trump pump’ will continue to support cryptocurrency growth.
Difficult words: deregulation (reducing government rules), stance (a publicly stated opinion), initiative (new plans or actions).
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What impact has Donald Trump's election as US president had on the value of cryptocurrencies such as Bitcoin, Ether, and Dogecoin?
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