Trump wins election. Bitcoin hits reaches new ATH at $76K

Hey there! 👋

This week, we’ve seen some bullish news and events, bringing a glimmer of hope for the future of the crypto market. Let’s dive into the highlights so stay up to-date in the blockchain industry.

quick weekly news

2024 US elections: Trump elected US president for a second time

Let’s start with the biggest news of the week—Donald Trump was reelected as the President of the United States yesterday, on November 6! It was a tremendous victory, with Trump securing a majority of the votes: 295 out of 538 while two states, Nevada and Arizona, are yet to report. Still, according to current data from Le Monde, Trump is also leading in those states.

Source: Le Monde

Right after the announcement of Trump’s election win, Bitcoin surged by over 7%, reaching a new all-time high (ATH) of $74,800 within the hour. Later, it climbed even higher, setting another ATH just above $76,000. Other cryptocurrencies also experienced substantial gains, fueled by high hopes for regulatory reforms under Trump’s leadership and new expectations that cryptocurrency ETFs could be approved more quickly and easily than before.

Source: GoodCrypto

Dennis Porter, co-founder of the Satoshi Action Fund, even claimed on X that the “anti-Bitcoin movement just died last night,” suggesting that the U.S. could become the world’s most pro-Bitcoin nation. The optimism, however, isn’t limited to Trump alone. According to Standwithcrypto research, hundreds of pro-crypto candidates were elected, with over 261 to the House of Representatives and 17 to the Senate.

It looks like a big year ahead for crypto! 📈

Crypto stocks close on huge gains riding Donald Trump’s US election win

The optimism following Trump’s reelection has impacted not only cryptocurrencies but also crypto-related stocks.

On the same day as Trump’s victory announcement, crypto exchange Coinbase’s stock (COIN) saw its yearly biggest gain, rising over 31.1% to $254.3, with a 62.1% increase so far this year, according to Google Finance. Notably, Coinbase was one of the largest donors supporting pro-crypto candidates in the 2024 U.S. presidential election.

Source: Google Finance

Another significant rise was seen in the stock of the popular trading platform Robinhood (HOOD), which jumped 19.6% on November 6. Meanwhile, BTC-holding company MicroStrategy Inc. (MSTR) closed up over 13%. Bitcoin miners also experienced substantial stock gains: Riot Platforms Inc. (RIOT) closed up 26%, CleanSpark Inc. (CLSK) rose 23%, MARA Holdings Inc. (MARA), formerly Marathon Digital, grew by over 19%, and Hut 8 Corp (HUT) gained 11%.

It’s also worth noting that the overall stock market surged significantly, with the S&P 500 rising over 2.5% within hours after Trump’s reelection was confirmed, reflecting broader optimism across sectors.

Source: Google Finance

Senator Lummis’ Bitcoin reserve proposal faces uphill battle

The bullish narrative around crypto and other investments was echoed by Senator Cynthia Lummis, long known as the “Crypto Queen” of Capitol Hill, who proposed establishing a strategic Bitcoin reserve shortly after Trump’s reelection.

Financial reserves for most countries are typically low-risk, highly liquid assets, held as backup funds for “black swans” in the countries. According to Jagranjosh, the top 20 countries by gold reserves collectively hold over $1.4T in gold, with the U.S.—the clear leader—holding around $609B. In comparison, Bitcoin’s current market cap is approximately $1.5T. If countries had stored Bitcoin as reserves instead of gold, the cryptocurrency’s value could be nearly double what it is now.

Source: Jagranjosh

However, this shift is unlikely in the near future, as Bitcoin is still seen as a volatile and risky asset. Many members of Congress are hesitant to embrace this idea, despite Lummis’ proposal, which doesn’t suggest replacing gold reserves entirely with Bitcoin but rather allocating a small portion. Such a move would require extensive long-term planning and research, and for now, most lawmakers are likely to remain skeptical.

Elon Musk’s net worth soars by over $20 billion after Trump win

The presidential election results delighted not only retail investors in crypto and stocks but also the world’s richest man, Elon Musk, whose net worth surged by nearly 7.5% in a single day.

This brought up Musk’s net worth on approximately $285.6B, according to Forbes, as Tesla’s stock closed up nearly 15%, reaching levels close to its September 2022 highs (Google Finance). Initially, Musk claimed he would not support any presidential candidate, but he later shifted to actively supporting the Republican nominee, now the 47th U.S. President, Donald Trump.

Source: Google Finance

According to The New York Times, Musk donated over $119M to Trump’s super PAC, attended MAGA events in several states, and promoted Trump on his X account.

Musk wasn’t the only one who benefited from the election results. Jeff Bezos, the world’s second-wealthiest person behind Musk, saw his net worth climb by $7B to $223.5B. Coinbase CEO Brian Armstrong’s net worth rose by $2.6B, while MicroStrategy founder and prominent Bitcoiner Michael Saylor gained $600M, as their company stocks surged.

Meanwhile, Musk’s favorite memecoin, $DOGE, surged an impressive 40% on November 6 following the election results.

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We hope this digest was valuable and informative for you! If you want to be the first to receive new crypto insights and stay up-to-date with the market, follow us on Twitter or Telegram. Become a better trader with the Good Crypto app!