Bitcoin Sets New All-Time High, Meme Coins Go Parabolic As Donald Trump Wins Presidency

Updated: 06 November 2024

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Bitcoin soared to a new all-time high while meme coins and PolitiFi tokens surged as pro-crypto Republican Donald Trump won the US presidency for the second time.

BTC soared 9% to as high as $75,361.09 in the past 24 hours but has since pared gains to trade at $73,503 as of 3:00 a.m. EST. The broader crypto market saw its market capitalization jump 10% as the meme coin segment soared 25% and PolitiFi tokens surged 12%

Trump claimed victory while speaking at West Palm Beach in Florida, and thanked voters for electing him as the next US President. Rival Kamala Harris has yet to concede.

Donald Trump Promises To Be ”Crypto President,” Fire Gary Gensler

Given his pro-crypto stance, many believe that a Trump victory will clear the way for a better regulatory environment for the crypto industry in the US, triggering a surge in digital assets.

Indeed, Trump promised to be ”crypto president” and vowed to fire Securities and Exchange Commission chair Gary Gensler ”on day one” if he retook the White House. Gensler is widely disliked by the crypto industry because of his regulation by enforcement strategy against it.

AP Race Call: Donald Trump wins the swing state of Georgia, returning its 16 electoral votes to Republicans.

Aside from when Joe Biden narrowly carried Georgia in 2020, Republicans have won every presidential vote in the state since 1996. https://t.co/vNyURdNHtn pic.twitter.com/T6Cx4XUQaQ

— The Associated Press (@AP) November 6, 2024

PNUT, DOGE Lead Meme Coin Gains

The meme coin market’s surge was led by new tokens including Peanut The Squirrel (PNUT) and Department Of Government Efficiency (DOGE) with gains of 222% and 99%, respectively, as Elon Musk claimed victory for Trump.

Politifi tokens also surged, led by Dark MAGA (DMAGA) among the top 10 biggest political meme coins by market capitalization with a 37% surge.

In contrast, cryptos linked to Harris suffered the biggest blows. Among the worst performers are Kumala Herris and Kamala Horris, which saw their prices drop over 98% and 88% in the last 24 hours.