The crypto market has seen significant changes following Trump’s election and the rise of Elon Musk as a key advisor.
- Bitcoin’s value has soared to over $95,000, marking an all-time high driven by the pro-crypto stance of Trump and Musk.
- Doge, championed by Musk, has experienced a substantial increase, further boosting investor interest in digital currencies.
- The London Stock Exchange has seen increased activity, particularly in its listed Bitcoin and Ethereum instruments.
- Despite concerns from institutions about fraud, the crypto market’s positive trajectory continues.
Since the recent US election, there has been a considerable shift in the cryptocurrency market, notably influenced by Donald Trump’s victory and the emergence of Elon Musk as a presidential adviser. Musk, known for his affinity for Dogecoin, has seen the value of Doge rise significantly, doubling from $0.16 to nearly $0.40. This increase reflects growing confidence among investors and the impact of pro-crypto policies.
Bitcoin, the most recognised cryptocurrency, has hit unprecedented heights, surpassing a value of $95,000. This surge is largely attributed to the anticipated deregulation of crypto sectors under Trump’s administration, expected to dismantle the framework set by President Joe Biden. The deregulation may pose challenges for certain financial institutions like Starling Bank and Chase UK, which are wary of fraudulent activities involving digital assets.
In May, the London Stock Exchange listed its first Bitcoin and Ethereum financial instruments, attracting attention from investors eager to capitalise on the thriving crypto market. These investment products track the performance of respective cryptocurrencies and have reportedly seen positive returns since the US election, further invigorating the market.
This burgeoning interest in cryptocurrency comes amidst a broader industry celebration of potential regulatory relaxation. The global crypto sector views the Trump-Musk administration as a gateway to unleashing new opportunities, although this sentiment is not universally shared across all financial entities.
The recent political developments in the US have clearly stimulated a vibrant turnaround in the cryptocurrency market, benefitting London’s listed instruments.
