November 5, 2024 will likely go down as one of the most consequential days in crypto\u00a0history.<\/p>\n
Donald Trump\u200a\u2014\u200aa pro-Bitcoin candidate\u200a\u2014\u200aclinching the presidency with a resounding win, despite polls suggesting it was a neck-and-neck race.<\/p>\n
The Republicans wrestling back control of the Senate, with hundreds of crypto-friendly politicians elected to Congress.<\/p>\n
Millions of Americans who invest in digital assets, and believe in their potential, feeling their voices are finally being\u00a0heard.<\/p>\n
https:\/\/medium.com\/media\/4ebe9d3a8d7fa202ed1847920f4cb106\/href<\/a><\/p>\n BTC surged as it became clear that Trump was making an extraordinary political comeback, and would retake the Oval Office in\u00a0January.<\/p>\n But once the champagne\u2019s been drunk and the euphoria wears off, a bigger question remains: what exactly <\/em>does this mean for\u00a0crypto?<\/p>\n A long line of deep-pocketed donors will be expecting big things in his second term, but Trump 2.0 has an equally long list of campaign promises to deliver\u00a0on.<\/p>\n Radical policies on trade, immigration and taxation have been proposed that may take priority\u200a\u2014\u200awith economic ramifications that could ultimately derail Bitcoin\u2019s performance in the years to\u00a0come.<\/p>\n Trump may find it difficult to follow through on his quest to fire SEC chair Gary Gensler on his first day in\u00a0office.<\/p>\n That being said, a natural successor within the commission could be Hester Peirce, who\u2019s affectionately known as \u201cCrypto Mom\u201d owing to her forward-looking outlook in the\u00a0space.<\/p>\n Challenges too can be found in his vision of ensuring that all remaining BTC are mined on American\u00a0shores.<\/p>\n While the U.S. is a market leader in this still-nascent industry, aggressive competition from other nations may mean this is a tall\u00a0order.<\/p>\n The crypto industry suited up for this election\u200a\u2014\u200aand focused their energy on supporting candidates with a track record of embracing digital assets, especially those taking on the sector\u2019s vocal\u00a0critics.<\/p>\n High-profile scalps included Ohio Senator Sherrod Brown, yet fierce opponents remain in the form of Elizabeth Warren and\u00a0others.<\/p>\n https:\/\/medium.com\/media\/b5bf00ded6afcd002e882d13a55fcfec\/href<\/a><\/p>\n It\u2019s also interesting to note which altcoins have enjoyed a breakout over the past 24\u00a0hours.<\/p>\n Solana\u200a\u2014\u200awhich has had a turbulent couple of years because of multiple outages and close ties to Sam Bankman-Fried\u200a\u2014\u200ahas leapt by 12.4% over the past 24\u00a0hours.<\/p>\n Reading between the lines, this surge can be linked to renewed optimism that an exchange-traded fund based on SOL\u2019s spot price could finally be approved once the SEC is under new management.<\/p>\n Dogecoin also witnessed double-digit gains, and that\u2019s perhaps a nod to Elon Musk\u2019s indelible role in returning Trump to\u00a0power.<\/p>\n What\u2019s more, there are some uncomfortable conflicts of interest that will start to emerge between now and\u00a0January.<\/p>\n In the run-up to election day, Trump and his sons were aggressively plugging a new crypto venture called World Liberty Financial<\/a>, which hasn\u2019t been all that well received within the industry.<\/p>\n Careful scrutiny will be paid to whether the president-elect\u2019s efforts to create a friendlier climate for digital assets end up benefiting him financially.<\/p>\n Tuesday night\u2019s result was decisive\u200a\u2014\u200aand Donald Trump has been handed a clear mandate to lead the U.S. for the next few\u00a0years.<\/p>\n But the long-term prospects of the economy, and the crypto markets, remain too close to\u00a0call.<\/p>\n Crypto Euphoria as Trump Wins\u200a\u2014\u200aBut Will It Last?<\/a> was originally published in Coinmonks<\/a> on Medium, where people are continuing the conversation by highlighting and responding to this story.<\/p>","protected":false},"excerpt":{"rendered":" Crypto Euphoria as Trump Wins\u200a\u2014\u200aBut Will It\u00a0Last? Donald Trump made big promises to the crypto sector, and received millions of dollars in donations as a result. But can he deliver\u200a\u2014\u200aand will his economic vision work against the industry\u2019s interests? November 5, 2024 will likely go down as one of the most consequential days in crypto\u00a0history. 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