Trump’s win boosts Bitcoin’s rally, with crypto lobbyists celebrating as pro-crypto policies spark increased investor interest and optimism.
Bitcoin Soars Following Big Trump Win
Bitcoin immediately rose to many all-time highs in the days after Trump’s historic reelection. As of midday Friday, the asset was trading at $76,336, representing an 11% rise this week. The abrupt spike disrupted the asset’s lethargic trend, which had been on a gradual fall since March. When the enthusiasm around the debut of spot bitcoin ETFs faded. The asset is now in new terrain, having ran up against a wall around $72,000 many times in recent years. But unable to break through.
Bitcoin’s gain boosted the rest of the market. Major cryptocurrencies Solana and Ethereum are up 25% and 20%, respectively, this week. While the whole crypto market capitalization is up 12.6%. Solana’s rise is especially noteworthy because the Securities and Exchange Commission is expected to approve spot Solana ETFs to trade alongside similar products for Bitcoin and Ethereum. Once Trump replaces crypto skeptic Gary Gensler as the regulator’s chairman with a more pro-industry figure.
Polymarket Passes A Big Test
While surveys leading up to the November 5 election continually anticipated a coin flip. Prediction markets such as Polymarket predicted a decisive Trump victory. In the last weeks of the campaign, Trump’s odds rose to as high as 67%, with more than $3.68 billion wagered on the victory. Despite allegations of wash trading and manipulation. Polymarket’s prediction metrics were widely used in financial and traditional media during the election season.
Furthermore, given that a federal judge has authorized prediction market operators such as Polymarket’s rival Kalshi to target US individuals, Prediction markets are likely to continue to play an important role in election debate in the future.
With the huge presidential election bet settled, the largest political betting pool remains: who will win the popular vote ($619 million in volume). The pool now gives Trump a 100% probability of winning, but during most of voting day, betters gave him a 28% chance of beating Harris. Other prominent pools predict who will win the Super Bowl in February ($705 million) and the Champions League in May ($352 million).
CURRENT PRICE OF TOP 5 COINS And 7-DAY % CHANGE
| Coin | Price | Percent Change |
|---|---|---|
| Bitcoin (BTC) | $76,539 | 10.8% |
| Ether (ETH) | $2,926 | 16.8% |
| Tether (USDT) | $1.00 | 0.0% |
| Solana (SOL) | $200 | 20.5% |
| Binance Coin (BNB) | $595 | 4.4% |
Crypto Lobbyists Take A Bow
In more ways than one, cryptocurrency benefited greatly from this week’s election. Crypto firms, investors, and luminaries, including Coinbase, Ripple, Andreessen Horowitz, the Winklevoss twins, and Kraken founder Jesse Powell, raised over $200 million for Fairshake, a pro-crypto PAC, which spent more than $170 million on down-ballot candidates.
The money was put to good use, as it spent more than $40 million to remove Senator Sherrod Brown (D-OH), who leads the Senate Banking Committee and is a significant roadblock to any pro-crypto legislation being implemented, along with Bernie Moreno. However, Fairshake did not only favor Republicans. It backed Democratic Senate candidates Elisa Slotkin (MI) and Ruben Gallego (AZ). At the time of writing, Slotkin had been declared the victor of her race, while Gallego was leading against Kari Lake in Arizona, but the final outcome had not yet been determined.
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