Just after a record-high following Donald Trump's win, the crypto industry can still give more than last week's price.
Recently, Bitcoin soared to another record-breaking price, surpassing $82,000 as Trump's return spurred hopes for a crypto-friendly regulatory environment.
Investors specifically believe that Trump's pro-crypto stance will turn the US into a crypto capital and, has therefore, led to a rally in other digital assets like Ether and Dogecoin, according to Reuters. Included in this high are crypto stocks companies like Riot Platforms, Coinbase, and more seeking impressive gains in only a few days.
Bitcoin exchange-traded funds (ETF) saw their biggest inflows on record, with $1.38 billion in net purchases. Ethereum also rose above $3,200, while Dogecoin achieved its new high after 3 years.
Analysts from the Deutsche Bank noted that together with the anticipated rate cuts from the Federal Reserve, the US could create an even more favorable environment for crypto growth.
Trump's Pro-Crypto Campaign
The majority of Trump's campaign was marked by support for cryptocurrencies and pledges to deregulate the sector. VCPost also added that he intends to remove the current SEC Chair, Gary Gensire, for his tightened oversight, which made him a favorable nominee among enthusiasts of digital assets.
But part of the rise of crypto is due to the support of hundreds of pro-crypto elected personnel in Congress, raising hopes for reduced regulatory pressures. Prior to Trump's win, the industry had been donating over $120 million to back key seats of those who support digital assets.
In return, they hope for a friendlier approach to policies on the horizon, especially since Trump has been vocal about their concerns under Biden's administration.
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