CandleFocus

$330 billion flows into crypto market since election day

Author: Content Editor
Donald Trump's victory in the 2024 U.S. presidential elections has had a positive impact on the cryptocurrency market. Investors reacted positively due to Trump's pro-business stance and the Democratic Party's negative stance towards cryptocurrencies. Prominent figures such as Robert F. Kennedy Jr. and Elon Musk, who have shown support for cryptocurrencies, were involved in Trump's campaign. The number of Dogecoin millionaires increased after the election, possibly influenced by Musk. Despite Trump's previous anti-crypto stance, the broader stance of the Republican party has led to optimism for greater adoption and legitimization of cryptocurrencies. Expectations for cryptocurrencies, particularly Bitcoin, are bullish, with hopes for BTC to reach $100,000. However, the Republican trademark deregulation and lack of government action in addressing cryptocurrency scandals may have long-term negative consequences for the industry. Some Republican representatives have opposed regulation and inadvertently protected fraudulent operations, harming investors and the public perception of cryptocurrencies.

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