With the outcome of the U.S. presidential election favoring Donald Trump, the cryptocurrency market witnessed a significant surge, with many investors anticipating a rally in Bitcoin [BTC].
The market reaction was impressive, as Bitcoin broke through the $75,000 mark even before the final results were announced, reaching an all-time high and then stabilizing around $73,589 at the time of reporting.
Notably, at this exceptional price level, 98% of Bitcoin holders were in a profitable position, according to data provided by Glassnode.
Trump’s Early Triumph
Following a tense electoral race, Trump confidently addressed his supporters as he appeared poised to secure significant victories in Florida and critical battleground states like Pennsylvania, North Carolina, and Georgia.
Subsequently, the Associated Press (AP) confirmed Trump’s victory in Wisconsin, further solidifying his position.
Based on the latest AP projections, Trump had amassed 277 electoral college votes, surpassing the 270-vote threshold needed for victory and securing his position as the President of the United States.
Community Response
Key personalities within the cryptocurrency community expressed their excitement over the election results.
CEO of Coinbase, Brian Armstrong, took to X (formerly known as Twitter) to celebrate the election of more than 219 pro-crypto candidates to Congress, labeling it as a significant triumph for the crypto space.
“America now has its most crypto-friendly Congress ever,” Armstrong remarked.
He stressed the bipartisan desire for clear regulatory frameworks governing digital assets and conveyed his willingness to work with the new Congress to establish these regulations.
Fox Business journalist Eleanor Terrett also underscored Trump’s impact on the crypto industry.
Profit Gains for Pro-Trump Investors
Trump’s victory not only brought joy to the cryptocurrency community but also generated substantial profits for investors who had backed him.
Lookonchain’s data revealed remarkable gains among prominent investors: “Theo4” secured a profit of $20.4 million, “Fredi9999” earned $15.6 million, and “zxgngl” saw a gain of $11 million.