Trump's return to power has sent Bitcoin up 40%.
Bitcoin (BTC) has risen 38% in the year since Donald Trump won the 2024 US presidential election. Despite the current market downturn, the total cryptocurrency market capitalization has grown by $1 trillion in the first 12 months of Trump's current term, according to RBC Crypto.
Since returning to the US presidency, Trump has appointed crypto-friendly heads of financial regulators, signed an executive order establishing a US national Bitcoin reserve, lifted restrictions on banks and pension funds' participation in the crypto sector, secured the dismissal or review of investigations against major crypto companies, including Coinbase, Ripple, and Consensys, and pardoned several previously convicted industry participants, including Binance founder Changpeng Zhao. Regulation of the stablecoin market was established.
The new US administration's pro-cryptocurrency policy has led to wider adoption of digital assets globally and market growth. The total cryptocurrency market capitalization increased from $2.5 trillion to $3.5 trillion over the past year, peaking at over $4 trillion in early October.
Bitcoin has hit new all-time highs several times during this period, most recently reaching $126,000 a month ago on October 6. Since then, the leading cryptocurrency has fallen 18% to $103,000, but is up 38% year-over-year.
Other major cryptocurrencies also set new all-time highs this year. Solana (SOL) reached $294 for the first time in January, amid the launch of the Trump memecoin. Ethereum (ETH) rose to $5,000 in August. Binance's BNB (BNB) token surpassed $1,300 in mid-October.
On November 5, speaking at the American Business Forum, Trump stated that cryptocurrency “takes pressure off the dollar and brings many benefits.” He reiterated that the United States should become a global leader in cryptocurrency and artificial intelligence.
Meanwhile, media outlets regularly calculate how much the American president, his family, and his entourage have earned from cryptocurrencies amid relaxed regulations. According to the Financial Times, crypto projects have earned the Trumps over $1 billion in a year. These include the WLFI and USD1 tokens from the World Libery Financial project, as well as the Trump and Melania Trump meme coins.
Источник: cryptocurrency.tech
