Trump's Pro-Crypto Stance Sends Ripples Through the Market, NFT Market Surges

With market optimism at new highs, the total crypto market cap reached $2.6 trillion, alongside a $224 billion trading volume in just 24 hours.

Rising to new heights of market optimism, the total crypto market cap reached $2.6 trillion, with a trading volume of $224 billion in just 24 hours. Bitcoin, the leading cryptocurrency, surged past $76,000, setting a record high that sent ripple effects across the broader digital asset ecosystem, including a sharp rise in the NFT (Non-Fungible Token) market.

This recent market activity appears largely driven by Fear of Missing Out (FOMO) among investors, many of whom view Trump’s pro-crypto stance as a green light for market growth. Trump’s election campaign emphasized his support for the cryptocurrency industry, including proposals to relax regulations, support for U.S.-based crypto mining, and the possibility of a national Bitcoin reserve. This has fueled hopes for a friendlier regulatory environment, which is encouraging increased participation and driving asset prices up.

Within the NFT market, this sentiment catalyzed a surge, with the market cap rising by 10.9% to surpass $23 billion. Over the past day, NFT trading volume spiked to $3.6 billion, reflecting intense investor interest and activity. Smaller NFT-related tokens, like Based Bario and Eesee, saw gains of 38.7% and 24.5%, respectively, while other established tokens, such as SuperVerse and Blur, also recorded growth. The NFT market's growth rate, which outpaced that of Bitcoin, highlights a concentrated flow of capital into this sector as investors diversify within the crypto space.

The broader altcoin market, especially DeFi (decentralized finance) assets, also benefited from this trend. Tokens like Uniswap and Lido DAO surged, climbing 29.90% and 38.13%, respectively. Trump’s campaign promises, including opposition to a central bank digital currency (CBDC) and support for self-custody rights, boosted confidence among DeFi and crypto enthusiasts. Trump’s anticipated removal of SEC Chair Gary Gensler, seen as a proponent of restrictive crypto regulations, further fueled expectations for regulatory easing, which could continue to drive market growth.

Moreover, market analysts predict that the Federal Reserve's expected interest rate cut, announced today, could inject more liquidity into the market. Institutional investors eyeing Spot Bitcoin ETFs may accelerate their investment, contributing to the FOMO-driven rally across crypto markets.

Trump has proposed creating a “strategic Bitcoin reserve,” a move he claims will strengthen America's financial position.

“This is about ensuring the U.S. has a stake in the future of global finance,” Trump said. “Bitcoin is a valuable asset, and selling it off for short-term gains is a mistake.”

Wyoming Senator Cynthia Lummis, a prominent crypto advocate, introduced a similar bill earlier this year, which has since gained increasing support.

There may be three months until the U.S. government begins accumulating bitcoin as a strategic reserve asset.

If the Lummis plan is followed, The U.s. will buy 550 BTC/day for 5 years, and hold all of it for a minimum of 20 years.

An infinite balance sheet pouring into absolute and immutable scarcity. Literally ∞/21M

The above is the detailed content of Trump's Pro-Crypto Stance Sends Ripples Through the Market, NFT Market Surges. For more information, please follow other related articles on the PHP Chinese website!