- Bitcoin rallies over $75K ahead of a Trump win.
- Pro-Trump crypto bets hit the jackpot, making millions overnight.
As the U.S. presidential election results rolled in, crypto investors were on the edge of their seats, with many forecasting that Donald Trump’s success could fuel a Bitcoin [BTC] rally.
Well, the market didn’t disappoint. Before the results even came in, BTC smashed through the $75,000 barrier, achieving a record high before stabilizing around $73,589 at press time.
Furthermore, at this remarkable level, 98% of Bitcoin holders were seeing profits, as per data from Glassnode.
Trump declares early victory
After a nail-biting race, Trump took the stage to celebrate his near-win in Florida. This, came after he was being projected to win the crucial battleground states of Pennsylvania, North Carolina, and Georgia.
Later, the Associated Press (AP) projected Trump as the winner of Wisconsin.
According to the latest projections from the AP, Trump held 277 electoral college votes compared to 224 for his Democratic opponent, Kamala Harris. 270 were required to secure victory.
Thus, Trump has secured the Oval Office, becoming the POTUS.
Community reactions
The election results elicited enthusiastic responses from key figures in the cryptocurrency community.
Brian Armstrong, CEO of Coinbase, took to X (formerly Twitter) to celebrate the election of over 219 pro-crypto candidates to the U.S. House and Senate, marking what he described as,
“America’s most pro-crypto Congress ever.”
He emphasized that voters across party lines have shown a strong desire for clear regulations on digital assets and expressed eagerness to collaborate with the new Congress to establish these guidelines.
Eleanor Terrett, a Fox Business journalist, also highlighted Trump’s influence on the crypto sector, stating
Source: Eleanor Terrett/X
Big wins for pro-trump whales
The crypto community wasn’t alone in rejoicing in Trump’s win. His election victory has brought substantial profits for investors who bet on him.
Data from Lookonchain revealed impressive gains among major players: “Theo4” netted a profit of $20.4 million, “Fredi9999” earned $15.6 million, and “zxgngl” gained $11 million.
Now, all eyes are on how Trump’s pro-crypto administration and the newly elected Congress will shape the future of digital assets in America.
