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Ethereum (ETH) traded over $2,800 after making significant gains over the last 24 hours, following the victory of Republican candidate Donald Trump in the United States presidential election.
Market data shows the Ethereum price jumped 7.2% in the last 24 hours. The gains follow Trump’s recent victory in the elections, which was seen as the more favorable outcome for the crypto industry.
Why is Trump’s victory bullish for crypto?
The CEO of the cryptocurrency exchange platform Coinbase, Brian Armstrong, has declared the US elections “a huge win for crypto.” Just like him, many other crypto proponents supported Trump in the presidential race.
Trump had a much clearer stance on cryptocurrencies compared to his Democrat opponent Kamala Harris, and actually has skin in the game. Last month he announced the sale of his World Liberty FInancial (WLF) token.
World Liberty Financial was first revealed in late August and in October it was announced as a decentralized finance (DeFi) project. This means that Trump would gain financially if the DeFi and broader cryptocurrency industries were to take a stronger foothold in the United States.
The DeFi sector is largely built on top of Ethereum, the currency that introduced smart contracts that made DeFi possible. Trump’s project is looking to create an instance of DeFi protocol Aave (AAVE) on the Ethereum blockchain.
Trump had branded himself as the “crypto candidate,” pledging favorable regulation and even proposing the creation of a U.S. Bitcoin reserve if elected. He promised that if re-elected, he would dismiss SEC Chairman Gary Gensler on his first day in office, who has been accused of being aggressive against participants in the crypto industry.
Trump also put his weight behind a proposal to create a United States strategic Bitcoin (BTC) reserve. This might be part of the reason why Bitcoin just hit a new all-time high of over $76,000 after seeing over 7.8% of updraft over the last seven days.
