Donald Trump Elected US President for Second Time

Donald Trump has won the United States presidential election held on Nov. 5.

Kamala Harris conceded victory as Trump is projected to win 312 electoral college votes, well above the 270 needed, with the Associated Press showing him leading in Nevada and Arizona — the final states to be called.

This sets Trump up to return to the White House in January 2025, accompanied by a Republican majority in the Senate.

On Nov. 6, the day after the election, Bitcoin soared to a peak of $76,500, as market sentiment surged on Trump’s win.

The House races remain uncertain, with Republicans in the lead but Democrats still holding a narrow chance at a majority, with 39 seats left to decide.

The crypto community is celebrating Trump’s victory, which many believe signals a favorable turn for the cryptocurrency industry in the US.

“Anti-Bitcoin movement died last night,” wrote Dennis Porter, co-founder of the Satoshi Action Fund, adding that “The USA will be the most pro-Bitcoin nation in the world.”

Trump’s repeated promises to end the regulatory “war on crypto” and transform the US into the “crypto capital of the planet” have energized the community.

In July, at the Bitcoin 2024 conference in Nashville, Trump committed to firing US Securities and Exchange Chair Gary Gensler on his first day in office.

It’s speculated that SEC Commissioner Hester Peirce, known for her pro-crypto stance, could replace Gensler.

The broader elections across the country also saw significant wins for pro-crypto candidates.

According to data from Coinbase’s Stand With Crypto (SWC) website, hundreds of pro-crypto officials have been elected across the nation, with only a few states, like New Mexico and Hawaii, yet to elect pro-crypto candidates.

SWC reports show 247 pro-crypto candidates winning seats in the House of Representatives, compared to 113 anti-crypto officials.

In the Senate, 15 pro-crypto candidates were elected, with 10 anti-crypto candidates securing seats.

The optimism surrounding Trump’s return and the success of pro-crypto candidates have fueled the market.

As of Nov. 6, Bitcoin is trading at $73,580, marking a 7% increase in 24 hours, while the total cryptocurrency market capitalization is approximately $2.6 trillion, per CoinGecko data.

The market previously hit a peak of over $3 trillion in November 2021.

Sources:

https://cointelegraph.com/news/live-countdown-us-elections-2024-crypto-industry

https://x.com/Dennis_Porter_/status/1854141584406695971

https://www.standwithcrypto.org/races

https://www.bbc.com/news/live/czxrnw5qrprt?post=asset%3A57eb0692-8f96-4fd3-877c-43a225ec9050#post

https://apnews.com/live/senate-house-election-updates-11-5-2024

https://apnews.com/projects/election-results-2024/north-carolina/