Is Trump’s Return to Office Cause for Surge in Crypto Market Today?

Since Donald Trump’s victory in the 2024 US elections, the cryptocurrency market experienced gains unlike ever before as all the major coins reflected gains on the board. Bitcoin, Ethereum, and other altcoins have seen a significant rally today, and everybody is speculating about the potential behind the uptick observed.

One of the theories that is gaining most of the attention is Trump’s return to the Oval Office. His return, according to the crypto community, is supposed to bring a shift in the U.S. regulatory landscape, making “Crypto Great Again.”

Donald Trump Swore to Fire Gary Gensler

Even though, President-elect has been critical of cryptocurrencies in the past, but his pro-crypto stance during 2024 rallies and campaigns won hearts of crypto community and helped him win the elections. During his rallies and campaigns, Trump promised the crypto community that he would fire Gary Gensler on his first at the office.

Gary Gensler, the current Chair of the US Securities and Exchange Commission, has been known to be the biggest hurdle in the crypto industry. Before Trump could fire Gensler, he himself dropped his resignation and is to leave his position on January 20, 2025, the same day when Trump takes over the office.

Trump has already appointed Paul Atkins to be the SEC Chair once Gary Gensler departs from his position in January 2025. With Atkins’ nomination, the cryptocurrency was sure of the fact the confusion and the chaos surrounding the regulations would now be resolved with clearer regulations, and there are high chances of friendly crypto-regulations.

United States Crypto Capital of the Planet

Other factors contributing to the rally include the U.S. positioning itself as the “crypto-capital of the planet,” with several states introducing crypto-friendly policies and attracting blockchain companies. Macroeconomic factors like increased institutional interest in cryptocurrencies are also playing a role.

Brad Garlinghouse, CEO of Ripple, also commented recently about the “Trump effect” that has caused a resurgence with Ripple and how they have signed more deals within the last six weeks of 2024 than the deals signed in the last six months combined. This comment by the CEO also indicates that the community believes in him to make the industry great again.

With community’s growing optimism around clearer crypto-regulation and the increasing adoption of blockchain technology is keeping the momentum alive. While the market remains volatile, today’s surge indicates a growing sense of confidence within the upcoming administration.

With Trump taking over the office on January 20, 2025, the experts predict that this same surge pattern can be observed.

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