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Countless polls had predicted that the US presidential race was on a knife edge, with a razor-thin margin separating Donald Trump and Kamala Harris.
However, as the results began to pour in, it quickly became clear that Trump was on course to retake the Oval Office, with Republicans also seizing control of the Senate. This resounding win is fueling speculation that Bitcoin’s bull run may be about to enter a parabolic phase.
The world’s biggest cryptocurrency hit a fresh all-time high of $75,361.09 as traders digested the news — eclipsing the previous record of $73,750, set back in March.
There was also a sea of green among altcoins, with the total market capitalization of all cryptocurrencies racing toward $2.5 trillion for the first time ever. Throughout his campaign, Trump had promised that he would be America’s first pro-crypto president and unveiled a slew of policies designed to court Bitcoiners.
While opinion polls canvassing the opinions of American voters indicated that this race was a coin toss, crypto-powered prediction markets told a different story.
As polling places began to open at 9 a.m. ET on Tuesday, Polymarket showed a 61.7% chance that Trump would secure a second term. Those odds improved dramatically as results started to trickle in. And as midnight approached, he was given a 95% chance of hitting that magical number of 270 Electoral College votes.
The industry poured hundreds of millions of dollars into key races — with a laser-like focus on one Senate race in Ohio.
That was the seat held by Democrat Sherrod Brown, one of the staunchest voices against digital assets on Capitol Hill. After learning that deep-pocketed donors were allocating huge resources to get him ousted from power, he took a defiant tone, telling reporters, “Bring ’em on.” However, with crypto-powered PACs spending $40 million on ads promoting his little-known rival, blockchain entrepreneur Bernie Moreno, Brown was financially outgunned.
Data from Stand With Crypto, a campaign group backed by Coinbase, shows 247 pro-crypto candidates have now been elected to the House of Representatives and 16 to the Senate.
This huge shift in Congress could make it much easier for crypto-literate legislation to be enacted in the years to come. Firms across the industry have long been exasperated at regulatory uncertainty that has stifled innovation, arguing that this drives businesses offshore, depriving the US of tax revenue and resulting in fewer consumer protections. Coinbase CEO Brian Armstrong had a simple message for his followers on X: “We did it.”o, Brown was financially outgunned.
Despite Trump’s resounding win, it’s been a bruising 24 hours across the board for political meme coins — a sign that this crypto trend is now in its dying embers.
CoinMarketCap data shows $TRUMP has shed 23.2% of its value in the past 24 hours, with $MAGA down 38.5% and Super Trump Coin plunging 45.4%. But the biggest wipeout has been reserved for Democrat-focused tokens, including Kumula Herris (down 99.4%) and Kamala Horris (down 92.4%.) In a sign that Elon Musk still holds incredible sway over the meme coin markets, only a token named “Department of Gov Efficiency” has come out on top, surging by 118.7%.