On November 6th, with the red-blue battle of the US election, the global crypto market also saw a wave of trading frenzy, with the price of bitcoin skyrocketing to a record high.

As of 2:24 PM Beijing time, the world's largest digital asset bitcoin has surged by as much as 9%, reaching a high of $75,252. It is reported that bitcoin's previous peak was in March of this year when investors cheered as funds flowed into dedicated US exchange-traded funds (ETFs).

Bitcoin is considered an important part of the "Trump trade" by many, as Trump accepted digital assets as payment during his campaign, used bitcoin to buy hamburgers, and poured huge campaign funds into bringing such assets onto the political stage.

According to US media data, in the seven battleground states, Trump has successfully secured North Carolina, Georgia, and Pennsylvania (in chronological order), and has also taken the lead in four other states.

Although the vote counting is not yet complete, several media outlets have reported Trump's victory. Subsequently, in the early hours, the former president and Republican candidate announced his victory in the 2024 presidential election during a speech.

In addition, according to media predictions, the Republicans have also secured control of the Senate; and will maintain a majority in the House of Representatives.

Trump's vow

Trump's victory means a bright outlook for the "Trump trade".

Trump once vowed to make the USA the "global cryptocurrency capital", establish a strategic bitcoin reserve, and appoint a regulatory body that is passionate about digital assets. In contrast, Harris promised to take a more cautious approach, supporting industry regulatory frameworks, while the Securities and Exchange Commission (SEC) during the Biden administration cracked down on crypto through a series of enforcement actions.

Now, the more crypto-friendly regulatory prospects are leading to a rise in the entire digital assets market.

Matthew Hougan, Chief Investment Officer of Bitwise Asset Management, commented, "The crypto industry feels like it has been constrained for years with one hand tied behind its back, and this situation may soon come to an end. People are beginning to prepare for the development of crypto in the coming years."

By 2024, bitcoin has already risen by around 70%, surpassing assets like US stocks and gold.

In addition to bitcoin reaching new highs, on the day ranked second, the token Ether rose by about 7%; dogecoin promoted by Trump supporter and American entrepreneur Elon Musk surged by 30% at one point; small crypto Solana experienced a maximum intraday gain of close to 16%.

In addition to crypto assets, a range of assets related to the prospect of Trump's election as president, such as US stock futures, the US dollar, and US Treasury yields, have all risen sharply. US spot bitcoin ETFs issued by providers like Blackrock and Fidelity have attracted $23.5 billion in net inflows since the beginning of this year, making it one of the most successful new ETFs in history.

In addition to crypto assets, a range of assets related to the prospect of Trump's election as president, such as US stock futures, the US dollar, and US Treasury yields, have all risen sharply.

Fate of SEC Chairman Jay Clayton

Digital asset companies often complain that officials under President Biden's leadership have failed to establish a clear new legal framework for this emerging market.

After the 2022 cryptocurrency crash triggered a series of collapses, especially after fraudulent behavior by Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, the US SEC cracked down on cryptocurrencies.

SEC Chairman Gary Gensler has repeatedly emphasized that the industry is rife with fraud and misconduct, stating that existing rules are applicable.

However, this has sparked Trump's dissatisfaction. Trump once stated in a rally speech that if he returns to the White House, he will fire the current SEC Chairman Gensler and promises to introduce a regulatory agency friendly to cryptocurrencies.

Le Shi, Managing Director of market maker Auros Hong Kong, said, 'Assuming Trump wins, the first test of his credibility is whether he will fulfill his promise to fire Gensler on his first day in office.'

Editor / jayden