Though barely a day old, Donald Trump’s victory in the 2024 U.S. presidential elections has already had a massive impact.
Since the Republican is widely seen as pro-business and against government spending and debt, investors reacted ecstatically to his victory, with the stock market adding more than $1 trillion within a single session.
The cryptocurrency market was no slouch either. It saw its total market capitalization valuation rocket $330 billion within approximately 24 hours from $2.19 trillion to $2.52 trillion – a 15% rise. – per CMC data retrieved on November 7.
Cryptocurrency market capitalization. Source: CME
One of the big reasons for Trump’s positive impact – at least when digital assets are in focus – has relatively little to do with the Republican candidate himself.
Why Trump’s victory is seen as bullish for cryptocurrencies
Instead, the former president and current President-Elect have benefitted from the Democratic Party’s continuously nega
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