Trump Won the US Election, Will Crypto Market Embrace Bull Market Frenzy Again?

2024-11-07, 08:05

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![](https://gimg2.gateimg.com/image/article/17309663151690791857hotspot.jpeg)
## [TL；DR]: 
Trump won the 60th US presidential election, and the <a  rel="nofollow noopener noreferrer"  href="/price" target="_blank" class="blog_inner_link">crypto market</a> saw a significant surge for the first time, while the election concept of Meme coin saw a widespread decline.

In the magnificent process of the 2024 US presidential election, cryptocurrency emerged as an emerging issue and profoundly influenced voter preferences, policy directions, and even campaign strategies.

No matter how Trump fulfills his crypto promises, cryptocurrency has become an undeniable force in American politics. In the future, cryptocurrencies will continue to play an important role in real production and life, influencing policy direction and market expectations.

## Introduction
On November 6, the most dramatic presidential election in American history finally ended. Trump successfully won 277 electoral votes, exceeding the threshold of 270, and won the 2024 US presidential election. During the election period, the crypto market undoubtedly played an important role. What impact will this election have on the crypto market? This article will delve into this topic in depth.
 
## Trump Won the Election for the Second Time After the Election with Multiple Reversals
The current US presidential election is the 60th, and voting took place on November 5, Eastern Time. In this election, US Vice President and Democratic presidential candidate Harris competed fiercely with former US President and Republican presidential candidate Trump.

On the eve of the election, the election situation was deadlocked, and various polls showed that the support rates of the two candidates were almost the same. This not only made the election results full of suspense but also aroused widespread attention worldwide.
 ![](https://gimg2.gateimg.com/image/article/17309664861.jpeg)
Source: apnews.com
 
During the election process, both candidates engaged in intensive campaign activities, striving to win voters' support. They expressed their policy proposals and governing philosophy through various channels such as speeches, advertisements, and social media, attempting to win voters' trust and votes. At the same time, major media outlets closely monitored the progress of the election, reporting on election dynamics and voter reactions in real time, providing the public with rich information and perspectives.

After experiencing controversies such as the attempted assassination of Trump and Biden's withdrawal from the election, Trump once had an advantage in the election, but he was repeatedly overtaken by Harris, making it the most dramatic election of this round. And with Trump leading the vote yesterday, the election results have finally settled.
 ![](https://gimg2.gateimg.com/image/article/17309665152.jpeg)
Source: Polymarket
 
It is worth noting that the support of crypto voters toward policy-friendly Trump has played an important role. Trump has a friendly attitude towards cryptocurrency and even sees it as an important force driving the US economy. During his election campaign, he frequently contacted professionals in the crypto industry, promising to develop a plan to ensure that the United States becomes the world's crypto center and <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> superpower after being elected, and appointed a Bitcoin/Crypto Presidential Advisory Committee. In contrast, Harris and his Democratic Party hold a more cautious and regulatory attitude toward cryptocurrency. Since taking office, the Biden administration has strengthened its regulatory efforts on cryptocurrencies, triggering a series of legal lawsuits and industry turbulence.

In addition, cryptocurrency also played an important role in donations during the election. Crypto giants such as Coinbase and Ripple have become major contributors to corporate political donations, while pro-crypto super political action committees like Fairshake have raised funds to support pro-crypto candidates and cracked down on skeptical opponents. These funds not only affect the policy stance of presidential candidates but also drive congressional election strategies that support cryptocurrency.
 
## Short Term Impact: Bitcoin Rose Sharply, Election Concept Coins Generally Fell
In fact, the crypto market responded quickly before yesterday's election results were confirmed. Thanks to Trump's basic confirmation, BTC prices have skyrocketed and quickly surpassed historic highs.
 ![](https://gimg2.gateimg.com/image/article/17309665483.jpeg)
Source: Gate.io
 
It is particularly worth mentioning that ETH, which has been weak for two years, has recently become stronger, with a 24-hour increase of 10.9%. This often indicates the arrival of the Altcoin season in past bull markets. Of course, ETH's relative position is much lower than BTC's, and it remains to be seen whether this strong trend can continue, thereby dispelling the FUD sentiment in the market.
 ![](https://gimg2.gateimg.com/image/article/17309665684.jpeg)
Source: Gate.io
 
In addition, the long-dormant DeFi sector has seen a significant increase. With Trump's victory in the election, he promised to quickly replace the SEC chairman, who has repeatedly taken enforcement actions against the DeFi sector and establish a national strategic reserve for Bitcoin. This news has led to widespread expectations in the market that the regulatory environment for the crypto industry will become more relaxed.

Impacted by this, DeFi tokens such as UNI, <a  rel="nofollow noopener noreferrer"  href="/price/aave-aave" target="_blank" class="blog_inner_link">AAVE</a>, <a  rel="nofollow noopener noreferrer"  href="/price/dydx-dydx" target="_blank" class="blog_inner_link">DYDX</a>, RDNT, etc., have surged one after another. Among them, ENA has become the focus of market attention with a 30% increase, thanks to its innovative model of distributing income to holders.
 ![](https://gimg2.gateimg.com/image/article/17309665935.jpeg)
Source: Gate.io
 
In addition, the Meme sector, mainly consisting of DOGE, WIF, POPCAT, etc., has once again surged, but the general election concept coins have generally fallen. We have noticed that political Meme coins such as TRUMP, MAGA, FIGHT, and HARRIS began to experience a sharp decline before the election results were announced, indicating a rapid decline in the market's enthusiasm for speculating on political hot topics.

Meanwhile, the prediction market on Polymarket has also undergone a major reshuffle. Although 90% of prediction users lose money, a few winners have earned substantial returns through accurate predictions, with the highest winner earning a huge profit of $50 million.
 ![](https://gimg2.gateimg.com/image/article/17309666176.jpeg)
Source: Gate.io
 
## Long Term Impact: Crypto is Integrated into Reality, and Its Value is Optimistic in the Long Run
Since its inception, Bitcoin has accompanied the United States through three rounds of election cycles and has become a highly anticipated key issue in the 2024 US presidential election. With the deepening of the Bitcoin concept, supporters have formed an undeniable group of voters, and this force is increasingly prominent on the political stage in the United States.

With the increasingly severe inflation problem, American voters have a growing demand for assets that can combat inflation. With its decentralized and limited supply characteristics, Bitcoin has become a safe haven in the hearts of many people. Especially against the backdrop of the almost stagnant purchasing power of real wages, Bitcoin provides the general public with hope for financial independence and has become an effective tool for them to combat inflation and even speculative speculation. Therefore, in elections, candidates' attitudes towards cryptocurrency have become one of the focal points of concern for voters.

During the Biden administration's tenure, regulatory efforts on cryptocurrencies have intensified. The government has filed multiple lawsuits against crypto companies and individuals and implemented a series of strict tax reporting requirements. However, after the collapse of FTX, the government's crackdown on the crypto industry reached an unprecedented height. This has made many practitioners dissatisfied and concerned about the Biden administration's regulatory policies.

In contrast, Trump holds a more friendly attitude towards cryptocurrency. However, Trump's crypto policy also faces many challenges, including resistance and questioning from Congress and regulatory agencies, as well as numerous problems and risks in the crypto market.
 ![](https://gimg2.gateimg.com/image/article/17309666497.jpeg)
Source: RFI
 
In the long run, the mutual influence between cryptocurrency and the real world is deepening. On the one hand, cryptocurrency provides voters with an effective tool to combat inflation, especially in the context of increasingly severe inflation issues. Decentralized, limited-supply digital assets such as Bitcoin have become a safe haven in the hearts of many people.

On the other hand, the rise of stablecoins provided a new international channel of influence for the US dollar, consolidating its advantage in the global financial system. At the same time, voters' interest in cryptocurrency has significantly increased, and crypto companies have become an important source of political donations, further promoting the influence of cryptocurrency on the political stage.

As the dust settles from the election, regardless of how Trump fulfills his crypto promises, cryptocurrency has become an undeniable force in American politics. In the future, cryptocurrencies will continue to play an important role in real production and life, influencing policy direction and market expectations.

<div class="blog-details-info">
<div>Author:**Charle Y.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>