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Prices of bitcoin and DeFi altcoins surged after it became clear that Donald Trump had secured multiple paths to the White House.
Decentralized finance token prices surged more than 14% in 24 hours as crypto industry leaders celebrated Trump's victory as the 47th president of the United States. The top 100 DeFi coins by market capitalization surpassed $78 billion, according to CoinGecko, with leaders such as Chainlink (LINK), Uniswap (UNI), CoW Protocol (COW), Aave (AAVE), LidoDAO (LDO), and Maker (MKR). ) posted double-digit increases.
CoW protocol's 84% surge was the biggest daily gain, while UNI and Aave rose nearly 30% as crypto investors took a victory lap following Trump's victory.
The DeFi surge reflected a broader boom in cryptocurrency prices, fueled by the victory of a candidate perceived as pro-bitcoin and pro-blockchain. bitcoin (btc) surpassed $75,000, a new all-time high for the largest cryptocurrency token. ethereum (eth) approached $3,000 with a 6.8% jump, while Solana (SOL)'s 13% jump brought the coin closer to $200.
Industry expectations of cryptocurrency-friendly regulation and clear rules for digital assets under the Trump administration likely spurred relief for DeFi tokens. The firing of Securities and Exchange Commission Chairman Gary Gensler was one of Trump's calling cards when he appealed to the blockchain voting bloc during his election campaign.
More than 40 million Americans have invested in cryptocurrencies. However, local interest in blockchain assets has done little to diminish multi-agency crackdowns. For example, SEC Chairman Gensler has initiated many enforcement actions against digital asset operators, alleging non-compliance.
As DeFi and crypto markets rallied on the prospect of less regulatory scrutiny, experts pointed to additional factors that could fuel a prolonged bull market.
TYMIO founder Georgii Verbitskii sees increased market activity following Trump's victory, but anticipates volatility until the Federal Reserve takes further action. Sharing information with crypto.news on October 6, Verbitskii noted that market fluctuations could continue until institutional investors and crypto ETF participants gain more certainty.
It's also worth noting that another important event is the Federal Reserve's interest rate decision scheduled for this week. No major players will take a new position until the Federal Reserve elections and interest rates are known, and this means the market fluctuation may continue.
Georgi Verbitsky, founder of TYMIO
