Euphoria on the market after Trumps win in the USA: Bitcoin surge and a change in attitude towards cryptocurrencies

Donald Trump wins the US presidential election in 2024

Donald Trump has once again secured the presidency of the United States by winning the 2024 election. His rival in the race was Vice President Kamala Harris. As a result, he became the 47th President of the USA, sparking a wave of interest both within the United States and worldwide.

The impact of election results on the market

The results of the US presidential election had a significant impact on the global financial market. It was expected that the Trump administration would introduce increased trade protectionism and raise interest rates, leading to a rise in the value of the US dollar. Even the mere anticipation of these changes caused the dollar to strengthen against major currencies such as the Japanese yen, the euro, the Mexican peso, and the Chinese yuan.

Rise in stock and cryptocurrency values

Stocks of tech giants like Tesla also saw an increase in value after Trump’s victory. However, the biggest surprise came with the surge in cryptocurrency values, especially Bitcoin. Following Trump’s win, Bitcoin experienced record growth, surpassing $74,000 within a 24-hour period.

Trump’s shift in stance towards cryptocurrencies

Interestingly, Trump, who was initially skeptical about cryptocurrencies, changed his stance and became a vocal supporter. He promised to end the regulatory restrictions imposed by the previous administration and vowed to make the USA a global leader in the field of cryptocurrencies.

Reactions to the rise in Bitcoin

Following Trump’s announcements, the value of Bitcoin saw a significant increase, triggering euphoria among investors and cryptocurrency enthusiasts. Henock, a member of the cryptocurrency community in Ethiopia, described the situation as “unimaginable euphoria.” However, not everyone shared the same level of optimism – trader Hanna Terefe noted that the fluctuations in Bitcoin’s value follow cycles that often repeat every four years.

Trump’s victory has brought about many changes on the global economic stage, and its impact may be even deeper than initially anticipated. Will the president’s promises be fulfilled? This is something to watch closely in the near future.