Prices of altcoins Bitcoin and DeFi surged after it became clear that Donald Trump had secured multiple paths to the White House.
Prices of decentralized finance tokens jumped more than 14% in 24 hours as crypto industry executives celebrated Trump’s victory as the 47th US president. The top 100 DeFi coins by market cap have surpassed $78 billion, according to CoinGecko, with leaders like Chainlink (LINK), Uniswap (UNI), CoW Protocol (COW), Aave (AAVE), LidoDAO (LDO) and Maker ( MKR). ) recorded double-digit increases.
CoW Protocol’s 84% surge is the largest daily gain, while UNI and Aave both rose nearly 30% as crypto investors took a victory lap following Trump’s victory.
The rise of DeFi reflects a broader boom in crypto prices, fueled by the victory of a candidate perceived to be pro-Bitcoin and pro-blockchain. Bitcoin (BTC) has surpassed $75,000, a new all-time high for crypto’s largest token. Ethereum (ETH) moved closer to $3,000 with a 6.8% jump, while Solana (SOL)’s 13% surge brought the coin closer to $200.
Industry expectations for crypto-friendly regulation and clear rules on 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 as he appealed to blockchain voting during his election campaign.
More than 40 million Americans have invested in cryptocurrencies. Yet local interest in blockchain assets has done little to ease the multi-agency crackdown. For example, SEC Chairman Gensler has launched numerous enforcement actions against digital asset operators, alleging their non-compliance.
As the DeFi and crypto markets rallied on the prospect of relaxed regulatory scrutiny, experts pointed to additional factors that could fuel a prolonged bull market.
TYMIO founder Georgii Verbitskii expects more market activity following Trump’s victory, but anticipates some volatility until the Federal Reserve takes more action. Sharing his insights 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 expected this week. No major player will take a new position until the election and Fed interest rates are known, meaning market swings could continue to persist.
Georgii Verbitskii, founder of TYMIO
