On the first night after the election, crypto assets officially took off
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On the first night after the election, crypto assets officially took off
The rise in crypto assets reflects market expectations that Trump's election victory will bring relaxed policies.
Navigating Web3 tides with focused insightsAuthor: Pzai, Foresight News
With vote certifications completed across U.S. states, Trump's election victory has become official. As a president with strong pro-crypto views, his favorable stance toward cryptocurrencies has injected fresh momentum into market growth. Bitcoin, set to play a key role in Trump’s future crypto strategy, has officially broken its all-time high. Here, we review the movements of relevant assets before and after the election.
Cryptocurrencies
In just two days, Trump’s election propelled the total cryptocurrency market cap from $2.3 trillion to $2.63 trillion—a 12% increase—highlighting his significant influence on the crypto industry as one of today’s most politically impactful figures.
The so-called "Trump trade" quickly reflected in market dynamics. Bitcoin, central to his strategy and the leader in the crypto market, saw notable gains around the election period. Yesterday morning at 8 a.m., BTC began rising from $69,000, briefly surpassed its previous high, and later reached a peak of $76,200.
Ethereum rose gradually from $2,620 yesterday and surged today to $2,800. The ETH/BTC exchange rate also recovered from a historical low of 0.034 to 0.0377. As the second-largest crypto asset, Ethereum underperformed relative to Bitcoin.
Among meme assets, DOGE—one of Musk’s favorites—rose from $0.17 and hit a high near $0.22 yesterday. Another major meme coin, PEPE, reached a peak of $0.00001.
Solana jumped from $166 to a high of $189, reaching a new interim peak.
In DeFi, AAVE rose from $135 to a high of $190, while ENA briefly broke above $0.50 from $0.35.
Crypto-Related Stocks
The impact of Trump’s policies is already evident in financial markets, with clear positive reactions in U.S.-listed crypto-related stocks and ETFs reflecting anticipated market growth.
On exchanges, major compliant platforms posted strong gains: Coinbase closed up 31.11%, Robinhood gained over 19.6%. Among mining firms, Cipher Mining rose over 31% and Riot Platforms over 26.1%, driven by Trump’s advocacy for domestic Bitcoin mining. Canaan ADR increased approximately 13%. In ETFs, the 2x Long Bitcoin ETF rose over 19.7%, ETHV (Ether ETF) gained over 11.4%, and BITB (Bitcoin ETF) rose about 9.9%. MicroStrategy (MSTR), known as a major Bitcoin holder, climbed around 13.2%.
Outlook
Some traders believe that in response to Trump’s proposed high tariffs, China might adopt easing measures, potentially causing ripple effects across asset classes—particularly influencing the strength of the U.S. dollar and Treasury yields—and thereby affecting the crypto market.
The market expects the Federal Reserve to cut interest rates by 25 basis points this month, so traders are closely watching the Fed’s next move. Concerns over potential hawkish signals dampening market sentiment have left the outlook for crypto assets uncertain. Singapore-based crypto asset manager QCP stated in its Wednesday report: “Although Trump’s more favorable policy environment may reduce the likelihood of rate cuts, the market still anticipates 1.8 cuts this year and three more next year.”
Overall, the recent rise in crypto assets clearly reflects market pricing-in of expectations surrounding Trump’s victory and anticipated looser policies. Capital is front-running these potential benefits as a hedge against future risks. If U.S. policy can strike a balance between compliance and innovation, it could further enhance the broad acceptance and legitimacy of crypto assets—especially highlighting Bitcoin’s safe-haven attributes and stable growth potential. In the long term, crypto prices will remain closely tied to market adoption, policy support, and global capital flows. Clarity and sustainability in policy will be key to restoring investor confidence in the coming period.
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