Bitcoin and DeFi altcoin prices surged after it became apparent Donald Trump had secured multiple paths to the White House.
Decentralized finance token prices jumped over 14% in 24 hours as crypto industry leaders celebrated Trump’s victory as the 47th U.S. president. The top 100 DeFi coins by market cap rose above $78 billion, according to CoinGecko, with frontrunners like Chainlink (LINK), Uniswap (UNI), CoW Protocol (COW), Aave (AAVE), LidoDAO (LDO), and Maker (MKR) recorded double-digit increases.
CoW Protocol’s 84% increase was the largest daily gain, while UNI and Aave both grew nearly 30% as crypto investors took a victory lap following Trump’s win.
The DeFi surge mirrored a broader boom in crypto prices, fueled by the victory of a perceived pro-Bitcoin and pro-blockchain candidate. Bitcoin (BTC) raced past $75,000, a new all-time high for crypto’s largest token. Ethereum (ETH) edged toward $3,000 with a 6.8% leap, while Solana’s (SOL) 13% took the coin closer to $200.
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Industry expectations for crypto-friendly regulation and clear digital asset rules under Trump’s administration likely spurred the relief for DeFi tokens. Firing Securities and Exchange Commission chair Gary Gensler was one of Trump’s calling cards as he appealed to the blockchain voting block during his campaign trail.
Over 40 million Americans have invested in cryptocurrencies. Yet, local interest in blockchain assets has done little to abate multi-agency crackdowns. For example, SEC chair Gensler has launched many enforcement actions against digital asset operators, alleging non-compliance.
As DeFi and crypto markets rallied on the prospect of eased regulatory scrutiny, experts pointed to additional factors that could fuel a prolonged bull market.
TYMIO founder Georgii Verbitskii foresees more market activity following Trump’s victory but anticipates volatility until further action from the Federal Reserve. Sharing insights with crypto.news on Oct. 6, Verbitskii noted that market fluctuations could continue until institutional investors and crypto ETF participants gain more certainty.
Also worth noting is that another important event is the Federal Reserve’s interest rate decision scheduled for this week. No major player will take a new position until the election and the Fed’s interest rates are known, and this means that market fluctuation may continue to sustain.
Georgii Verbitskii, TYMIO founder
Read more: Pro-crypto candidates dominate US House, Senate amid bull run