The 60th U.S. presidential campaign has concluded, and Donald Trump is back in the White House. The crypto market reacted immediately: Bitcoin reached a new all-time high, while Trump-themed memecoins skyrocketed. Interest in his NFTs is also growing, which, according to analysts, have brought the businessman millions over the past years. What’s next?
Donald Trump’s election victory has had a powerful impact on the crypto market. Bitcoin was the first to feel the effects, surging past $75,300. Although it has since pulled back slightly to around $73,500, this new all-time high is buoyed in part by Trump’s promises to strengthen cryptocurrency’s position in the U.S.
Trump-themed memecoins also saw a surge in value following his win:
- President Trump MAGA (TRUMP) rose by 563% in the past 24 hours, with a current token value of $0.0002839. The coin has been actively gaining over the past week, with a 7-day increase of 9272%. However, it is now trading at 93,12% of its peak value, which was $0.004085.
- Trump47 (TRUMP47) is currently trading at $0.0001963, marking a 401,82% gain over the last 24 hours, with a 7-day rise of 7380.36%.
- At the same time, the most popular Trump-themed token, MAGA (TRUMP), fell by 21,81% in the last 24 hours and by 29,53% over the week.
Tokens linked to Kamala Harris have been hit even harder by her loss in the election: KAMA dropped by 92,7%, KAMALA by 95,18%, and HARRIS by 95,59%.
Millions in NFTs
Trump’s NFTs, which he first released in 2022, are also performing well. Thanks to his election victory, the value of his collectible cards has significantly increased, and interest continues to grow.
According to Cryptoslam, sales of Trump Digital Trading Cards surged by 963% over the last 24 hours. Currently, 14,016 holders own NFTs from this collection, with 43 new holders joining today.
Over the past two years, Trump has issued four series of NFTs, with total sales now exceeding $22 million. The first collection, launched in December 2022, earned $4.45 million, while the third series, MugShot Edition featuring Trump’s post-arrest image, brought in a record $9.9 million. The fourth series, America First, launched in August, added another $3.14 million to the total.
Will Market Expectations be Met?
Trump’s presidency has raised high expectations in the crypto market, fueled by his ambitious promises. During his campaign, the businessman pledged to:
- Establish a national Bitcoin reserve as a strategic asset.
- Weaken regulation of the sector and fire SEC head Gary Gensler. TRON founder Justin Sun didn't exclude the possibility of hiring him because ‘this person also has a family to support’.
- Ban the issuance of a central bank digital currency (CBDC) in the U.S.
- Make the U.S. the global hub of the crypto industry.
- Protect the right to mine and securely store cryptocurrencies.
- Retain all crypto assets currently owned by the U.S. government.
- Establish a presidential council for developing crypto regulations. In the U.S. House of Representatives, 215 pro-crypto members have been elected, versus 105 opponents. In the Senate, there are 14 pro-crypto senators compared to 9 anti-crypto ones. One notable defeat for pro-crypto advocates occurred in Massachusetts, where Elizabeth Warren took a Senate seat.
However, the actual feasibility of these promises remains uncertain. Experts believe that many of these steps may face resistance. But if even part of his agenda is realized, the U.S. could become more open to cryptocurrency businesses, potentially bringing significant shifts to the global crypto market.
