Donald Trump has won. This is the news that all crypto enthusiasts, stakeholders and operators have been waiting for. The US presidential election triggered a wave of immediate reactions after the long night, here in Italy, with the closing of the polls: Bitcoin crossed the historic $75,000 threshold and this has already silenced all the bearishness. And there were a lot of them.
This rise of almost 10% in the last 24 hours was supported by massive liquidations of short positions totalling over $100 million.
The news has fuelled bullish sentiment among investors, with institutional flows into Bitcoin funds exceeding $22.5 billion since the start of the year, demonstrating strong interest from asset managers as well.
But the wave of enthusiasm has not only stopped at Bitcoin. Memecoins, such as Dogecoin (DOGE), have also risen sharply, soaring 20 per cent in 24 hours. This boom was partly spurred by Elon Musk’s joking proposal to create a‘Department of Government Efficiency‘ (DOGE) for Trump’s campaign, leading Dogecoin to overtake XRP and become the seventh largest cryptocurrency by market capitalisation. And that, too, is no small feat.
There are even forecasts that speak of a push on DOGE to a further rise of 100-1000%. However, analysts advise caution and thorough research (DYOR) before making investments.
The US political landscape has proved favourable to the cryptocurrency sector thanks to major victories for pro-crypto policy advocates. Bernie Moreno, blockchain entrepreneur, ousted Sherrod Brown in Ohio, paving the way for a Republican-majority Senate Banking Committee inclined to promote legislation such as the Financial Innovation and Technology for the 21st Century Act (FIT21). In addition, the crypto PAC Fairshake, supported by giants like Coinbase and Ripple, won a strategic victory in the House, ensuring support for more permissive policies.
Details that in the last few hours seem to be fading into the background, clearly, after the Tycoon’s announced victory.
Remaining on the altcoin theme, Solana (SOL) recorded an impressive 17% growth, surpassing BNB Chain and consolidating itself as the fourth largest cryptocurrency by capitalisation. Analysts speculate that SOL could reach $1,000 by 2025, especially if an ETF on cryptocurrencies, another long-discussed topic along with XRP, were to be approved.
In Italy, until a day before, it seemed to be neck-and-neck in the Trump-Harris challenge, but the data already immediately after the close of the election was clear, overwhelming. There was even talk of an announced result, even though the media took care to ‘soften’ the news. Those who were already on the Bitcoin ‘bandwagon’ are rejoicing today and Twitter/X is exploding with memes and celebratory posts; those who never believed in it or preferred to follow the international media or even worse, the local ones, are eating their hands and probably doing the maths. This too, we might say, is no small thing.
