Donald Trump Promises to Transform U.S. into Crypto Capital
- Cryptocurrency prices increased on November 5, 2024, with Bitcoin rising over 2.3% amid election anticipation.
- Candidates Donald Trump and Kamala Harris pledged support for the crypto industry, outlining contrasting regulatory visions.
- Trump's promise to establish a crypto advisory council signals a potential shift towards a more favorable regulatory environment.
On November 5, 2024, cryptocurrency prices saw an increase as investors awaited the results of the U.S. election. Bitcoin gained over 2.3%, rising to $69,402 after briefly surpassing $70,000. Bitcoin exchange-traded funds also experienced notable gains, reflecting investor anticipation regarding potential changes in regulation depending on the election outcome. Both major presidential candidates, Donald Trump and Kamala Harris, pledged to support the crypto industry. Trump proposed replacing Gary Gensler, the SEC chair, and creating a crypto advisory council to foster a more favorable regulatory environment. Harris, on the other hand, emphasized the importance of encouraging digital assets and innovative technologies while protecting consumers. The mixed market reaction highlights the significant role that regulatory perspectives play in determining cryptocurrency market movements.