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The cryptocurrency industry celebrated Donald Trump’s victory in the 2024 United States presidential election, as Bitcoin surged to new all-time highs. Asian markets joined in the rally, local sources tell Magazine.
“A lot of Asian traders were working overnight to catch this surge and are taking profit in a
‘buy the rumor sell the news’ dynamic, especially with the Polymarket bets that were settled already,” Hong Kong-based market analyst Justin d’Anethan tells Magazine.
Trump’s victory sparked optimism in Singapore’s crypto sector as well, a city-state in the race with Hong Kong to attract digital asset firms.
“Although Asia is traditionally mindful of regulatory dynamics, there is a sense of anticipation about what a US policy shift might mean for global crypto growth,”
Vince Yang, CEO of Singapore-based blockchain infrastructure firm zkLink, tells Magazine.
“While it’s still early to predict the long-term effects, a more crypto-friendly stance from the US could boost confidence and drive innovation across the global crypto landscape, including Asia.”
While Trump’s victory delivered gains for crypto owners, it also brings a note of caution for investors in Asia, as his historical stance on tariffs adds uncertainty to the region’s economic landscape.
Trump has vowed at least 10% tariffs on imports, with 60% tariffs on imports from China, Asia’s largest economy.
“But the ‘America First’ ethos translates well in crypto markets as a bet on digital assets,
” he says. “Some people are salivating at the prospect of Gary Gensler and other regulators [departing]. We might just navigate a more cooperative sea, compared to the legal threats that plagued previous years.”
