Trump's victory drives cryptocurrency stocks up, with Bitcoin hitting a record high.

TraderKnows
TraderKnows
11-07

Trump's victory has sparked market enthusiasm for digital assets, with Bitcoin reaching a new high of $75,300. Cryptocurrency concept stocks in the Hong Kong stock market opened higher.

On the morning of November 7, Hong Kong stocks related to cryptocurrencies opened with a strong rally, spurred by an overall rise in Bitcoin and other digital currencies. OKLink (01499) rose 11.17%, trading at 0.209 HKD; Global Strategic (01647) increased by 9.09%, trading at 0.12 HKD; OSL Group (00863) climbed 7.84%, trading at 8.8 HKD; New Fire Technology Holdings (01611) went up 5.5%, trading at 2.3 HKD. As of publication, the price of Bitcoin surpassed $75,300, hitting a new all-time high. This surge is widely attributed to what the market calls the "Trump Trade" effect.

Reports indicate that with the conclusion of the U.S. presidential election, Trump announced victory in the 2024 race, which swiftly sparked a fervor in the cryptocurrency market. Known for his supportive stance on crypto assets, Trump has repeatedly expressed interest in and support for the digital asset industry. During his campaign, he promised that if he returned to the White House, he would focus on making the U.S. the global cryptocurrency capital, establish a Bitcoin strategic reserve, and appoint regulatory officials who support digital assets to provide policy backing for the industry's growth.

Analysts note that Trump's "pro-crypto" stance might bring long-term benefits to the digital asset market. As president, Trump could further relax regulatory policies on digital currencies and blockchain, creating favorable conditions for the industry's development. This may not only lead to increased capital inflow into the cryptocurrency market but might also attract global digital asset firms to escalate their moves towards the U.S., thereby enhancing the country's competitiveness in the global cryptocurrency arena.

Moreover, Trump's victory also reflects increasing attention towards decentralized assets within the market, especially against the backdrop of global economic uncertainties, where investors view cryptocurrencies as significant assets for risk hedging. Industry experts predict that under policy and capital support, Bitcoin and other main cryptocurrencies might experience further appreciation in the future. The recent Bitcoin price hit has also spurred investors' interest in blockchain and digital asset sectors, driving a substantial increase in the related concept stocks on the Hong Kong stock market.

Trump's support might also indirectly influence the financial policy directions of the U.S. and other countries. Should the U.S. loosen its regulatory grip on crypto assets, other global regions might be compelled to adjust their policies to maintain market competitiveness. In the long term, this could have a profound impact on the global cryptocurrency market.

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