In the 2024 US presidential race that analysts previously described as too close to call, Republican Donald Trump has defeated Democratic candidate Kamala Harris to be elected the 47th president of the United States. This decisive win marks a historic moment, setting the stage for pro-crypto Trump’s return to the White House.
Trump’s projected win had resulted in a surge in cryptocurrency market activity over the past 24 hours. As of this writing, the global cryptocurrency market capitalization is $2.47 trillion, having climbed by 8% during the period in review.
Bitcoin Reacts as Pro-Crypto Trump Returns to the White House
Donald Trump has defeated Kamala Harris to be elected the 47th president of the United States. The polls had predicted a close race, but the results showed that Trump had a clear lead over Harris, hitting 277 electoral college votes.
In the hours leading up to Trump’s victory, the odds of the Republican candidate emerging victorious surged dramatically on the prediction platform Polymarket. Trump’s chances leaped from 58% to 93.3%, reflecting the shifting sentiment in favor of the pro-crypto presidential candidate.
Once a crypto skeptic, Trump reversed his stance and embraced digital assets in the lead-up to the election. He vowed to make America “the crypto capital of the planet” and proposed creating a national “strategic reserve” of Bitcoin. His campaign actively accepted cryptocurrency donations, and he engaged with crypto enthusiasts at a prominent Bitcoin conference in July.
In addition, Trump’s endorsement of the now-struggling World Liberty Financial crypto project also contributed to the crypto market’s spike in anticipation of his victory.
His projected win resulted in a surge in broader cryptocurrency market activity. On-chain data shows that the global market capitalization soared nearly 10%, reaching a peak of $2.58 trillion before experiencing a pullback. At press time, it stands at $2.47 trillion.
Moreover, this uptick in trading activity propelled Bitcoin (BTC) to a new all-time high of $75,361 in the early hours of Wednesday’s trading session. Following this record peak, BTC experienced a slight pullback. As of this writing, Bitcoin trades at $74,304, marking a modest 1% correction.
BTC Price Prediction: What Comes Next
BTC trades at $74,501 at press time, edging closer to reclaiming its all-time high. With demand for the cryptocurrency on the rise, a new peak may be within reach in the short term.
Read more: Bitcoin Halving History: Everything You Need To Know
Supporting this bullish outlook is BTC’s positive Chaikin Money Flow (CMF), an indicator tracking money flows into and out of the asset’s market. It is currently trending upward at 0.17, well above zero.
This signals strong liquidity inflows into BTC, which could propel it toward and potentially beyond its recent high of $75,361.
However, if the market overheats, BTC may face a pullback. Increased profit-taking could bring its price back toward the support level at $69,769.
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