The 2024 U.S. presidential election concluded with a decisive victory for Republican candidate Donald Trump, while Democratic contender Kamala Harris faced a significant defeat. Trump secured 286 electoral votes, surpassing the 270 needed to claim victory, while Harris garnered only 224 votes, reflecting a clear gap in the race. As the results unfold, the crypto market is responding positively, fueled by the growing influence of pro-crypto policies.
Election Results: Trump Triumphs, Harris Falls Short
Trump’s victory marks a critical turning point in U.S. politics, with the Republican securing a commanding lead in the electoral college. Harris, on the other hand, saw her campaign falter, particularly due to a lack of strong crypto-related policies. With 47.4% of the popular vote, Harris faced mounting pressure from crypto advocates who saw her stance on digital assets as too restrictive.
This election saw a noticeable rise in support for pro-crypto candidates, with Trump leading the charge. His stance on cryptocurrency, coupled with promises to bolster the U.S. as the global leader in digital assets, resonated with a growing base of voters aligned with the crypto community. According to recent data, anti-crypto candidates suffered major losses, signaling a shift toward a more crypto-friendly political landscape.
Pro-Crypto Momentum Grows in U.S. Politics
The 2024 election not only favored Trump but also saw a surge in the number of pro-crypto candidates elected to Congress. In the House of Representatives, 242 pro-crypto lawmakers were elected, compared to just 113 who opposed digital currencies. In the Senate, 14 pro-crypto candidates emerged, while nine anti-crypto voices remain.
This shift in political support comes as Trump promises to make sweeping changes, including firing SEC Chair Gary Gensler, a move that would likely benefit the crypto industry. Trump has expressed interest in establishing a national Bitcoin fund and positioning the U.S. as the “Bitcoin and cryptocurrency capital of the world.” These promises are in line with the widespread optimism in the crypto sector following his electoral win.
Crypto Market Reacts to Election Outcome
The crypto market has responded positively to Trump’s victory, with Bitcoin reaching a new all-time high (ATH) in the wake of the election results. The market cap for cryptocurrencies surged, crossing the $2.4 trillion mark, as investors responded to the pro-crypto policies and the potential for a more favorable regulatory environment.
Altcoins also saw impressive gains, with meme coin Dogecoin (DOGE) emerging as a notable beneficiary. DOGE surged nearly 13% intraday, reaching $0.1902, and briefly topped the $0.2 level, spurred on by the optimism surrounding Trump’s pro-crypto agenda.
As the election results settle in, the crypto industry appears poised for significant growth, with the prospect of pro-crypto policies shaping the future of digital assets in the United States. Meanwhile, Harris’ defeat underscores the shifting political tides surrounding cryptocurrency regulation in the country.
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