Crypto Price Analysis 11-7 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, TONCOIN: TON, ARTIFICIAL SUPERINTELLIGENCE ALLIANCE: FET, COSMOS: ATOM, OPTIMISM: OP

Bitcoin (BTC) surged to a new all-time high following Donald Trump’s resounding victory in the US presidential elections. BTC surged to $76,460 hours following Trump’s victory, as the crypto market surged to new highs. Donald Trump had branded himself a pro-crypto president and promised to launch a national crypto stockpile if elected for a second term. The crypto sector now expects smoother relations with Washington after pouring millions into the presidential and congressional races. 

Almost all cryptocurrencies registered substantial increases following Trump’s victory. The most significant gains were made by Ethereum (ETH), currently up over 10%, and Dogecoin, which registered a 25% increase. Other cryptocurrencies that registered significant gains include Solana (SOL), Toncoin (TON), Cardano (ADA), Chainlink (LINK), Polkadot (DOT), and Uniswap (UNI). The crypto market cap also registered an increase of just over 2% and currently sits at $2.53 trillion. Speaking about the impact of Trump’s victory on crypto, ChangeNOW CMO Pauline Shangett stated, 

“Trump’s victory has brought renewed optimism to the crypto market. His pro-crypto stance and promises to establish a national crypto stockpile are likely driving confidence among investors, who anticipate regulatory clarity and broader adoption in the near future. This unprecedented surge reflects a powerful sentiment shift in the market. Institutional investors now feel more confident pouring capital into the crypto space, given the anticipated regulatory friendliness from Washington, which has always been a key barrier to wider adoption.”

What The Crypto Industry Can Expect After A Trump Win 

Donald Trump celebrated his victory with several high-profile supporters, including Elon Musk and Cantor Fitzgerald CEO Howard Lutnick. Trump had positioned himself as a pro-crypto president, promising to make America the center of the crypto ecosystem. Trump counted on large sums of money for his campaign and associated Political Action Committees, and securing support from the crypto ecosystem was crucial. As a result of Trump’s resounding victory, Bitcoin (BTC) surged to a new all-time high, while other altcoins registered significant increases. Stocks associated with crypto, including Coinbase and MicroStrategy, also reported a substantial jump. The Republicans also control the Senate, which means Trump will face fewer roadblocks to implement his policies. 

Trump had promised to create a strategic national crypto stockpile if he returned to the White House and ensure the federal government never sells its BTC holdings. Trump stated during the conference, 

“For too long our government has violated the cardinal rule that every Bitcoiner knows by heart never sell your Bitcoin. If I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the BTC the US government currently holds or acquires in the future.”

The United States regularly auctions off BTC and other cryptocurrencies held in its coffers, often triggering a drop in crypto prices. Trump also promised to unseat United States Securities and Exchange Commission Chair Gary Gensler. Gensler was appointed by President Biden and led an aggressive crackdown on the crypto ecosystem. However, the president does not have the power to fire the SEC Chair. Even if Trump appoints a new SEC Chairman, Gensler would remain a commissioner on the agency. 

The SEC under Gensler brought over 100 enforcement actions against crypto firms. Gensler also stated in multiple interviews the crypto industry falls under the SEC’s jurisdiction, and the lawsuits were filed to bring the sector under compliance. However, the crypto industry has argued that legal actions have not given the necessary legal clarity and reflect overreach by the commission. 

Trump has also promised to make America the center of mining operations and ensure all future BTC is mined in the US. Trump made the comments after a closed-door meeting with a dozen Bitcoin mining executives from Riot Platforms, Marathon Digital Holdings, Terawulf, CleanSpark, and Core Scientific. Following the meeting, Trump posted on social media, 

“Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be made in the USA! It will help us become energy-dominant! If crypto is going to define the future, I want it to be mined, minted, and made in the USA.”

A Smoother Ride For Crypto?

One of the most significant outcomes of Donald Trump’s victory is the potential departure of current SEC Chair Gary Gensler. Gensler has led one of the strongest regulatory crackdowns in recent memory, slapping dozens of cases on crypto traders and companies such as Coinbase, Kraken, and others. Trump’s decisive victory could see a pullback in enforcement action once he takes office in July. The SEC has found considerable success in courts and obtained judgments that align with its belief that decades-old securities laws apply to the crypto industry as well. The agency has also levied huge fines on the industry, including an astonishing $4.5 billion fine and disgorgement from Terraform Labs. 

“Some crypto cases have been legit fraud cases and I hope those continue and we get more of them. A lot of crypto cases have been registration only, foot fault cases when registration is impossible.”

The next SEC Chair is expected to push for new regulations that will modify existing securities laws or allow digital asset companies to become compliant with rules Gensler had accused them of flouting. With the Senate set to be controlled by the Republicans, bipartisan crypto legislation is a strong prospect. 

“We expect that both the Trump administration’s and new Congress’ approach to crypto regulation to be much more constructive.”

Dogecoin Sees Massive Rally 

Dogecoin (DOGE) registered a substantial rally on Wednesday after Donald Trump seized victory in the US presidential election. Trump’s victory sent the crypto space surging, with DOGE posting one of the most impressive rallies in the ecosystem, rising by a staggering 25%. DOGE’s rally is also partly because of his proposal to establish the Department of Government Efficiency (D.O.G.E.), which he plans to have Musk lead. This move could significantly amplify Musk’s influence in the crypto space. 

“Dogecoin has seen a major boost, supported by $30 million in liquidated short positions. Open interest in DOGE futures has risen from 7 billion to 8.3 billion tokens, indicating heightened market activity. Additionally, Musk’s endorsement of a ‘Department of Government Efficiency’ as part of Trump’s campaign appears to have further stoked interest in the meme token.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) registered a substantial increase following Donald Trump’s decisive victory in the US elections, surging to a new all-time high of $76,460 before retreating. The world’s largest cryptocurrency is marginally down during the current session and is trading around $74,600. BTC began election day on a strong note and jumped past $70,000 early in the day, mirroring the market. Analysts have linked BTC’s performance over the past few days to a series of political promises involving Trump. Despite setting a new all-time high, spot Bitcoin ETFs saw outflows of $541 million, primarily from Fidelity, Ark Invest, and Grayscale. However, BlackRock’s IBIT defied this trend and posted inflows worth $38.3 million.

Source: TradingView

As we can see in the price chart, BTC was quite bearish leading up to the elections, declining substantially after failing to set a new all-time high last Tuesday. After a marginal drop on Wednesday, BTC dropped almost 3% on Thursday and settled at $70,307. Buyers attempted a recovery on Thursday, and BTC reached an intraday high of $71,632 before losing momentum. As a result, sellers took over and pushed BTC below $70,000 to $69,562. BTC registered a marginal increase on Saturday before dropping back in the red on Sunday, declining by 0.97% and settling at $68,909.

BTC slipped below the 20-day SMA on Monday as sellers continued to lower the price, falling by 1.49% and settling at $67,882. However, the price recovered on the eve of the elections, with markets optimistic about a Trump victory. As a result, it pushed back above the 20-day SMA, rising by 2.32% and settling at $69,458. BTC registered a strong rally on Wednesday following election results, surging over 8% to smash its previous all-time high and set a new one when it peaked at $76,460. However, the cryptocurrency has declined during the current session and has slipped below $75,000 to trade around the $74,700 level. Analysts expected the decline following election results, attributing it to profit booking. However, many predict that with Trump said to take office next year, BTC could touch $80,000 by the end of the year.

Ethereum (ETH) Price Analysis

Ethereum (ETH) also registered an impressive rally following Donald Trump’s election victory, surging past $2,700 on Wednesday and almost over $2,900 during the current session. As we can see in the price chart, ETH was quite bearish leading up to the current week, registering a substantial decline on Thursday to slip below the 20 and 50-day SMAs and settle at $2,516. Friday saw ETH encounter significant volatility as buyers attempted to push back above the moving averages, and sellers looked to drive it below $2,500. Ultimately, ETH registered a marginal decline and settled at $2,512. The weekend saw bearish sentiment persist as ETH dropped 0.79% on Saturday and 1.43% on Sunday, slipping below $2,500 and ending the week on a bearish note at $2,456.

Source: TradingView

Sellers remained in control on Monday, as ETH fell below $2,400 after a drop of 2.41% and settled at $2,397. However, with markets recovering on Tuesday, ETH rose to an intraday high of $2,482 before settling at $2,423, registering an increase of just over 1%. Markets surged on Wednesday following Donald Trump’s victory, and ETH registered an impressive increase of 12.37% to push above the 20 and 50-day SMAs, smash past $2,600 and $2,700 to settle at $2,723. ETH rallied past $2,800 during the current session, reaching an intraday high of $2,880. However, it has fallen from this level and is currently trading at $2,816, up 3.41%.

With Donald Trump winning the elections, can ETH move past $3,000? For the moment, buyers must push above $2,900. A break above this level could see ETH test $3,000. For now, analysts expect a brief pullback followed by another price increase.

Solana (SOL) Price Analysis

Solana (SOL) surged past $180 on Wednesday and is attempting a move past $190 as markets continue their post-election rally. Like BTC and ETH, SOL was also quite bearish towards the end of the previous week, slipping below $160 on Thursday and dropping to $166 on Friday after a 1.45% decline. The altcoin encountered considerable volatility on Saturday as buyers and sellers struggled to establish control. Ultimately, neither could establish control, and ETH remained at $166. However, it slipped below the 20-day SMA on Sunday, dropping by 2.20% and settling at $162. SOL slipped below $160 on Monday as sellers pushed the price down by almost 3% to $157.

Source: TradingView

However, markets recovered on Tuesday, allowing SOL to register an increase of 5.59% to move back above $160 and settle at $166. Bullish sentiment intensified on Wednesday following election results, and SOL surged past the 20-day SMA and $180 to settle at $186. SOL reached an intraday high of $192 during the ongoing session but has slipped back below $190. Currently, it is up by 0.81% and trading at $188.

Toncoin (TON) Price Analysis

Toncoin (TON) continues to witness unprecedented volatility, with the altcoin still unable to push above the 20-day SMA despite the intense bullish sentiment dominating markets. TON has been below the 20-day SMA since the beginning of October, trading in a downward trajectory as sellers look to drag the price below $4.50. Buyers have been attempting to push above the moving average but have so far been unable to overcome the selling pressure at this level. TON tried to go above the 20-day SMA on Saturday, as it rose to an intraday high of $5.08. However, sellers drove the price below $5, and TON registered only a marginal increase to settle at $4.91. Sellers attempted to drive TON below $4.50 on Sunday as it fell to $4.67. However, it recovered from this level and registered another marginal increase to $4.91.

Source: TradingView

Monday saw sellers take control after a failed attempt to push above the 20-day SMA as TON dropped almost 4% to $4.73. TON encountered considerable volatility on Tuesday as it reached a high of $5.08, and fell to a low of $4.54 before settling at $4.70. TON surged to an intraday high of $5.03 as markets surged on election day. However, it could not stay at this level and fell back, dropping to $4.78 and registering an increase of just 1.59%. The current session sees TON up by 1.33% and trading around $4.84, having already attempted a move past $5 and dropping back.

Artificial Superintelligence Alliance (FET) Price Analysis

Artificial Superintelligence Alliance (FET) broke past a crucial resistance level on Wednesday as it rallied with the rest of the market. However, with the 50-day SMA acting as a dynamic resistance level, the price has dropped back, down almost 2%. FET declined substantially towards the end of the previous week, falling nearly 5% on Friday and settling at $1.23. Bearish sentiment persisted over the weekend, and FET dropped by 3.52% on Saturday to settle at $1.18. It fell to an intraday low of $1.09 on Sunday but recovered to settle at $1.14 after a drop of almost 4%.

Source: TradingView

The current week began with sellers retaining control, pushing FET down by 1.19% to $1.13. However, it made a strong recovery on Tuesday, rising over 11% to push back above $1.20 and settle at $1.25. Bullish sentiment intensified on Wednesday as FET surged past the 20-day SMA and the resistance at $1.35 to settle at $1.41 after an increase of almost 13%. However, with the 50-day SMA acting as a dynamic resistance level, FET has declined during the current session, down nearly 2% and trading at $1.38.

Cosmos (ATOM) Price Analysis

Cosmos’s (ATOM) rally has pushed it above a crucial level of resistance as it raced to an intraday high of $4.65 before declining. ATOM was quite bearish last week, with selling pressure increasing over the weekend as it dropped by almost 2% to $4.09 on Saturday. ATOM slipped below $4 on Sunday after a drop of 2.93%, as it fell to an intraday low of $3.87 before settling at $3.97, ending the weekend on a negative note. Sellers retained control on Monday as ATOM dropped by 1.58% and settled at $3.91.

Source: TradingView

With markets recovering on Tuesday, ATOM registered a substantial increase of 7.52% to push back above $4 and settle at $4.20. Bullish sentiment persisted on Wednesday, allowing ATOM to go above the 20 and 50-day SMAs and settle at $4.51. The current session sees ATOM marginally up, having dropped from an intraday high of $4.65 to trade at $4.54.

Optimism (OP) Price Analysis

Optimism (OP) fell into the red on Thursday after a failed attempt to push above $1.80 a day prior. As a result of the intense selling pressure, OP dropped over 6% to go below the 20 and 50-day SMAs and settle at $1.61. OP continued to decline on Friday and Saturday, falling by 5.52% and 4.29% to go below $1.50 and settle at $1.45. Selling pressure intensified on Sunday as OP dropped to an intraday low of $1.35. However, it recovered from this level to move above $1.40 and settle at $1.43. Sellers pushed OP below $1.40 on Monday, dropping almost 7% to $1.34.

Source: TradingView

Despite intense selling pressure, OP recovered on Tuesday, rising by 5.69% and settling at $1.41, as markets recovered in the leadup to the elections. OP surged almost 13% on Wednesday, moving past $1.50 and settling at $1.60. The current session sees OP up by 1.61% and trading above the 20-day SMA at $1.62. OP had reached an intraday high of $1.69 but fell back to its current levels after failing to push above $1.70.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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