Markets foresee ‘mega bull’ on horizon for cryptocurrencies after US election

​​​​​​​By Mertkan Oruc

The cryptocurrency market surged following Donald Trump’s win in the US elections, with experts forecasting a possible “mega bull” run on the horizon.

Bitcoin, the most valuable cryptocurrency, hit a record, surpassing $75,000, while other cryptocurrencies saw gains exceeding 10%, pushing the crypto market closer to $2.5 trillion.

Trump took a favorable stance on cryptocurrencies and crypto assets during his campaign.

Ismail Hakki Polat, a new media lecturer at Istanbul Kadir Has University, told Anadolu that Republican control of the US Senate and House of Representatives, combined with Trump’s win, has lifted crypto market sentiment, with hopes rising for regulated integration of cryptocurrencies into the American financial system as per Trump’s promises.

Polat suggested that an initial change in Trump’s second term, which begins Jan. 20, could be the departure of US Securities and Exchange Commission (SEC) Chairperson Gary Gensler.

He noted that beyond Bitcoin, other cryptocurrencies may soon be incorporated.

“Bitcoin broke a record with the increasing possibility of a Trump win and this can be expected to continue, albeit with fluctuations, in the coming period,” he said.

Cem Barlas Arslan, associate professor of economics at Anadolu University in Eskisehir, said billionaire Elon Musk, a Trump supporter, has influenced the crypto market.

“Trump may continue his positive statements on cryptocurrencies and implement incentive practices for them, but in my opinion, instead of clashing with the system, he wants to use the cryptocurrency system for the country’s benefit, especially in mining, as he would prefer to direct Asia’s shares in crypto mining to the US,” Arslan told Anadolu.

He added that widespread crypto use in the US could fuel an upward trend, with a significant “mega bull” run possible, although conditions are still developing. The first quarter of next year could see heightened activity, he said.

“There is no serious movement in altcoin projects because Bitcoin’s market dominance doesn’t allow it for now, but I think the mobilization of altcoins can also begin a while after the bullish run in the market in general,” he added.

*Writing by Emir Yildirim in Istanbul