Bitcoin Heads to the White House as Trump Claims Victory

The Breakdown First Five - Wednesday, November 6, 2024

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

5. Election Drives Bitcoin to ATH

In the early evening, with Trump positioned in an early lead, Bitcoin took off. Over four hours, BTC gained more than 8% to hit a new all time high of $75,000. The price has now receded, but it’s clear the market views a Trump administration as a fresh start in the US. 

4. Brown Unseated

Down Ballot results could be more impactful for the crypto industry than putting a Republican in the White House. Senate Banking Chairman Sherrod Brown has been defeated by Bernie Moreno. Brown was viewed as a key blocker to crypto policy. The GOP has also secured a Senate majority, allowing them free reign to appoint key regulators. The House remains in play, but we could be looking at a red sweep that clears the way to major crypto reforms. 

3. Prediction Markets Pop

One clear winner on election day was prediction markets. The saw over $4B in volume on Tuesday, rivaling spot volumes on Coinbase. Polymarket has been the breakout hit of election season, becoming the go to source for real-time reactions to the campaign. Now they are legal in the US, predictional markets look set to become a fixture in election years. The only question is whether they can draw customers in between polls. 

2. Free Ross Day One

As the votes were counted, Bitcoiners remembered a crucial Trump promise. Free Ross. Day One. Ross Ulbricht, the founder of Silk Road is currently serving a double life sentence for drug offenses. He’s served 11 years. Far too long. This will be Trump’s first big test of loyalty to the Bitcoin voter who helped send him to the Whitehouse. 

1.  Bitcoin is Going to the White House

The election is over. Everyone exhale. Donald Trump declared victory early this morning, with the results later confirmed by all major news outlets. His speech didn’t mention the crypto industry, he did say “I will govern by a simple motto, promises made, promises kept.” Trump has made some pretty remarkable promises to Bitcoiners on the campaign trail. Let's hope he holds up his end of the bargain.