How Will Donald Trump's Victory in the 2024 US Election Affect the Crypto Market?

Bittime - Donald Trump's victory in the 2024 US Election has once again shocked the world, including the crypto market which immediately reacted with a price increase. 

Crypto investors are excited about the prospect of Trump returning to the White House, given his previous policies supporting the development of Bitcoin and digital assets. 

In the previous term, Bitcoin soared onto the global stage, and traders are hoping a pro-crypto administration in Washington could spark a new bull run.

Also read: Donald Trump's Crypto Project to be Announced Soon

How Will Trump's Victory Affect the Crypto Market?

Trump is known to have pro-crypto views, which is reflected in his public statements supporting digital assets. 

A few months ago, Trump spoke at the Bitcoin 2024 event in Nashville and outlined his vision for making America the “crypto capital of the world.” 

This statement is a hope for investors that Trump's second term will create more supportive regulations for crypto.

After Trump's victory, financial markets immediately showed a surge. The S&P 500 index rose 1.2%, and the NASDAQ strengthened 1.4%. 

In the crypto market, Bitcoin managed to break through resistance levels and set a new high, in response to possible pro-crypto policies under Trump.

Also Read: List of Trump Memecoins You Should Watch Ahead of the US Election

Impact on XRP, Privacy Coins, and Stablecoins

Some types of crypto assets that are expected to directly benefit from a Trump victory include XRP , privacy coins , and stablecoins .

1. XRP

XRP is currently embroiled in a legal battle with the SEC under Gary Gensler. However, Trump has vowed to remove Gensler on his first day in office, which is expected to eliminate regulatory uncertainty for Ripple. With Gensler out of the picture, XRP’s chances of getting a spot-based ETF approval are now open.

2. Privacy Coins (Monero dan Zcash)

Privacy coins like Monero (XMR) and Zcash (ZEC) are also likely to gain momentum with Trump's return. 

Known for his opposition to Central Bank Digital Currency (CBDC) which he called a “threat to freedom,” these privacy coins fit into Trump’s vision of financial freedom. 

Trump's rejection of CBDCs has increased interest in crypto assets that offer privacy and anonymity.

3. Stablecoins (USDT dan USDC)

Trump is expected to bring regulatory clarity to stablecoins, making tokens like USDT and USDC more attractive as mainstream means of payment. 

With a pro-digital asset policy, stablecoins have the potential to become a popular payment option under the Trump administration.

Read also: Uncovering Donald Trump's Plan to Make the US the Crypto Capital of the World

Crypto Newcomer With Growth Potential Under Trump's Pro-Crypto Policies

In addition to established cryptos, several new blockchain projects are also poised to benefit from this pro-crypto government. Some of these projects include Pepe Unchained (PEPU) , Flockerz (FLOCK) , and Crypto All-Stars (STARS) .

1. Baby Unchained (PEPU)

PEPU has attracted huge attention through a presale that raised over $25 million.

 The project aims to build a layer-2 blockchain that is 100 times faster than Ethereum. 

With the announcement of the trading platform "Pump Pad," PEPU's price has the potential to soar when it is listed on the exchange.

2. Flockerz (FLOCK)

Flockerz is here as a “Vote-to-Earn” platform where the community can earn rewards by participating in governance voting. 

FLOCK presale has raised over $1.2 million, and early investors can stake FLOCK tokens for passive income with APYs reaching 1,304%. 

Amid hopes that Trump will ease regulations, the staking platform has the potential to attract more interest.

3. Crypto All-Stars (STARS)

Crypto All-Stars aims to consolidate the meme coin ecosystem through its “MemeVault” feature. 

Users can stake meme coins like DOGE and PEPE to earn STARS tokens. 

With expected looser regulation, platforms like MemeVault could thrive during Trump's term.

Conclusion

Trump's victory in the 2024 US election has the potential to bring significant changes to the crypto market. 

With promises to support digital assets, including the creation of a Bitcoin advisory council, government digital asset protections, and the removal of Gary Gensler from the SEC, the Trump administration is expected to encourage crypto growth. 

Also read: This is Gary Gensler's fate after Donald Trump was elected US President

Assets like XRP, privacy coins, and stablecoins could benefit greatly from these pro-crypto policies.

Additionally, several new projects such as PEPU, FLOCK, and STARS look promising amid speculation that looser regulations will be implemented. 

While there are no guarantees, crypto investors could see huge opportunities if Trump's crypto-friendly policies are actually implemented.

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