Crypto markets surge amid Trump win

The value of global cryptocurrency markets has surpassed $3 trillion, nearing its peak level. A new record of $3.2 trillion was achieved on November 14th, following Donald Trump’s victory in the US presidential election. CoinGecko data shows this value is now above the 2021 levels, when pandemic stimulus packages boosted investments. Trump’s election has sparked expectations of a more crypto-friendly approach from regulators, which is fueling investment enthusiasm. Consequently, the dominant Bitcoin hit a record value of $93,480. Economist Eswar Prasad noted that Bitcoin is having its moment as regulatory uncertainties decline and economic outlook in the US remains positive. The post-election climb adds to the cryptocurrency rollercoaster of recent years, which previously saw Bitcoin below $20,000 during a ‘crypto winter’ following the collapse of exchange FTX and other crypto projects.