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Donald Trump is projected to win the Nov. 5 presidential election, with key swing state victories in North Carolina and Georgia. The New York Times estimates Trump will secure 306 electoral votes, with a strong likelihood of success, while the Associated Press reports him at 267 electoral votes, just three shy of the 270 needed.
On the campaign trail, Trump promised several initiatives that have drawn attention from the crypto community. His commitments include firing SEC Chair Gary Gensler, supporting U.S. Bitcoin mining, creating a national Bitcoin reserve, opposing a central bank digital currency, and potentially commuting Ross Ulbricht’s sentence.
While some in the crypto industry are optimistic about Trump’s proposals, others advise caution, as the full extent of his agenda remains to be seen.
Effect of Donald Trump’s Victory on the Bitcoin Market
Bitcoin surged to a new high of $75,000 on Nov. 6, surpassing its previous peak of $73,800 set in March. This rally was fueled by early election results showing Donald Trump leading in the U.S. presidential race. At the New York market open, Bitcoin initially spiked over 3%, hitting an intraday high of $70,577 as election-driven volatility intensified in the crypto market.
Shortly after the U.S. markets closed on Nov. 5, Bitcoin reached its new all-time high of $75,000.85, according to TradingView data from Coinbase. This increase reflects traders’ bullish sentiment amid Trump’s early lead, as reported by the Associated Press, which showed him with 198 electoral votes compared to Kamala Harris’ 112.
Trump’s Plan to Remove SEC Chair Gary Gensler
Trump has vowed to remove Gary Gensler from his role as SEC Chair on day one of his presidency. Gensler, appointed by President Biden in 2021, has led SEC that has aggressively pursued enforcement actions against major crypto entities, including Coinbase, Uniswap, Lbry, Immutable, and Consensys. In each case, the SEC has argued that many cryptocurrencies should be classified as securities and therefore must be registered.
Trump’s promise to dismiss Gensler reflects ongoing pushback from the crypto industry, which largely disagrees with the SEC’s approach. While Gensler’s term officially ends in April 2025, Trump could attempt to replace him sooner by invoking “cause,” although this would likely face legal challenges. Alternatively, Gensler might choose to step down voluntarily.
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