Trump's election victory boosts cryptocurrency market and major players' fortunes

Donald Trump’s recent election victory has significantly boosted the cryptocurrency market. His campaign shifted from skepticism to support for crypto, promising a national bitcoin stockpile and criticizing the Biden administration's regulations. Bitcoin surged to an all-time high of $84,000 following the election. The total value of all cryptocurrencies increased by about $530 billion, reaching $2.8 trillion. Major players in the crypto industry, including Coinbase CEO Brian Armstrong and the Winklevoss twins, saw substantial gains. Armstrong noted that being anti-crypto could harm political careers. Trump's administration is expected to adopt a more favorable stance toward cryptocurrencies, contrasting with the previous administration's regulatory approach. Analysts predict a potential deregulation wave, with some forecasting bitcoin could reach $200,000 by next year.