30s Summary
Donald Trump looks set to win the 2024 U.S Presidential elections, which is seen as positive news for the cryptocurrency industry. Trump has shown support for cryptocurrencies and expressed ambition to establish the U.S. as the world’s leading crypto capital, including launching a strategic Bitcoin reserve and promoting Bitcoin mining. Several major U.S. crypto exchanges, including Gemini and Kraken, have openly endorsed him. Bitcoin’s value surged on the news, nearly touching $75,000, with the total crypto market capitalization at around $2.6 trillion.
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Just a quick heads-up, folks in the crypto world are stoked as Donald Trump looks set to reclaim presidency this year following his victory in the 2024 U.S. presidential elections. The official results are yet to be out, but Trump is already celebrating, promising a “golden age” for America.
Trump was confident during his victory speech, exciting to serve his second term as the 47th and also the 45th president. According to current stats, Trump’s pretty comfortably ahead with 277 electoral college votes—over the 270 threshold. Kamala Harris, the Democratic candidate, secured only 224 votes and now seems to be out of the race.
Notably, world leaders like French President Emmanuel Macron have started pouring in their congratulations for Trump. The crypto markets too seem to be reacting to the election outcome.
For those wondering, Trump’s win could potentially be great news for the cryptocurrency industry. Trump has shown support for cryptocurrencies time and again and has tried marketing himself as a pro-crypto candidate.
He has constantly spoken about taking crypto forward and has pledged to establish U.S. as the world’s crypto capital. He even headlined the Bitcoin 2024 conference in Nashville, Tennessee, promising big moves around Bitcoin as soon as he comes back to power.
His plans include launching a strategic Bitcoin reserve in the U.S. and promoting Bitcoin mining, aiming to make the U.S. a global leader in the arena. Unsurprisingly, the crypto community is pro-Trump, with many key players like major U.S. crypto exchanges Gemini and Kraken publicly endorsing him. They’ve even went out of their way to support him with million-dollar donations.
In the backdrop of the optimism around Trump’s probable victory, Bitcoin managed to break past its historical highs, almost touching $75,000 on Nov. 6. Current reports show Bitcoin trading at $73,580, a 7% jump in just the last 24-hours.
Looking at the bigger picture, the total cryptocurrency market capitalization is clocking in at around $2.6 trillion. To put things into perspective, it peaked at over $3 trillion back in November 2021.