Trump Elected as U.S. President, Ushering in a New Chapter for the Crypto Industry
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On November 6, according to real-time election data from Fox News, Trump defeated Harris with a lead of 67,121,735 votes to 62,142,405 votes, securing 277 electoral votes—exceeding the 270-vote threshold needed to win—and thus clinching the 2024 U.S. presidential election.
With the announcement of the U.S. election results, the crypto industry has been reignited with a new wave of enthusiasm. However, the focus of this wave is not the election itself, but rather that Trump has become the first president in U.S. history with an extremely favorable stance on cryptocurrency. His election undoubtedly brings new development opportunities and limitless possibilities to the crypto industry.
Bitcoin Surges Past $75,000, Trump-Themed Meme Coins Skyrocket
According to official MEXC data, BTC broke past the $75,000 mark, reaching a peak of $75,404, surpassing the previous intraday high of $73,798 set on March 14.
At the same time, the cryptocurrency market has experienced significant fluctuations closely tied to the election results. Not only has Bitcoin shown strong momentum, but Trump- and Musk-themed coins have also experienced substantial gains. In particular, Trump-themed meme coins like $TRUMP, which has seen a growing number of holders, along with $FIGHT, $MAGAA, and $MVP, have shown impressive gains. Meanwhile, Musk-themed meme coins, such as $DOGE, $MASK, $PNUT, and $PEOPLE, have also surged, further increasing overall market excitement.
In stark contrast, however, Harris-themed meme coins, such as $KAMA, have suffered significant declines, creating a strong divergence with the performance of Trump- and Musk-themed meme coins in the wake of the election results.
Can Trump Deliver on His Campaign Promises?
To win this election, Trump enthusiastically reached out to the crypto community, even branding himself as a Bitcoin advocate. During the Bitcoin 2024 conference held in Nashville in July, he made a nearly hour-long speech, making several promises beneficial to the crypto industry:
- Pledge to end hostile regulations against the crypto industry.
- Promise to protect the right to mine Bitcoin and allow Americans to self-custody digital assets.
- Pledge to release Ross Ulbricht, convicted for creating the Silk Road darknet marketplace.
- Vow to keep Senator Elizabeth Warren (who has proposed strict crypto regulations) and her allies away from Bitcoin holders.
- Promise to replace SEC Chairman Gary Gensler on his first day in office.
- Establish a national Bitcoin reserve without selling its holdings.
- Commit to forming a Bitcoin advisory committee.
- Oppose Central Bank Digital Currencies (CBDCs).
The Impact of Trump's Election on the Crypto Industry
From a policy and market sentiment perspective, Trump's election could bring a series of positive changes for the crypto industry. During his campaign, Trump repeatedly expressed his support for cryptocurrencies and pledged to drive policies favorable to the sector. If his policy proposals come to fruition, the crypto industry could see a more lenient and supportive regulatory environment. This could greatly boost investor confidence in cryptocurrencies, enhance market sentiment, and promote the prosperity of the crypto market.
Furthermore, from an industry development standpoint, Trump's election could create both new opportunities and challenges. On one hand, his policies may encourage innovation and technological advancement within the crypto space, fostering the growth of Bitcoin and blockchain technology. On the other hand, his election could also bring potential risks and challenges. For instance, if his policies fail to materialize or face opposition, the crypto market may be negatively impacted. Additionally, the crypto industry may need to address uncertainties in regulatory policies and the intensifying market competition.
In Conclusion
Amid the fervor of the U.S. presidential election, MEXC has become the preferred trading platform for many investors thanks to its robust technical capabilities, wide range of trading pairs, and excellent customer service. MEXC offers trading pairs for mainstream cryptocurrencies like Bitcoin and has also listed various Trump-themed meme coins, such as $TRUMP and $FIGHT, providing investors with a rich variety of investment options and a seamless trading experience. Additionally, MEXC has introduced the lowest fee rates in the industry further minimizing trading costs.
With Trump entering the White House as the first "crypto president," the crypto industry is poised for expansive growth. MEXC will continue to serve as a steadfast ally for investors, accompanying users as they witness every leap and milestone in the crypto world. Whether you are a holder of traditional cryptocurrencies like Bitcoin or an explorer of emerging hot coins like Trump-themed meme coins, MEXC will provide comprehensive and professional services to help investors capture opportunities and achieve wealth growth in the crypto market.
Disclaimer: This information does not provide advice on investment, taxation, legal, financial, accounting, consultation, or any other related services, nor does it constitute advice to purchase, sell, or hold any assets. MEXC Learn provides information for reference purposes only and does not constitute investment advice. Please ensure you fully understand the risks involved and exercise caution when investing. The platform is not responsible for users' investment decisions.