The cryptocurrency market closed another week with notable developments following the U.S. elections. Bitcoin (BTC) 
$98,513 saw significant increases after Donald Trump was elected as the 47th president, contributing to a strong upward trend in the overall market. Additionally, Ripple’s XRP experienced important developments throughout the week.
BTC and Cryptocurrency Market Rises After U.S. Elections
This week, the victory of Republican Donald Trump in the 2024 U.S. presidential elections was viewed as a positive signal for the overall cryptocurrency market. Following Trump’s success, BTC reached a new all-time high. With the completion of the elections, 242 pro-crypto candidates were elected to the U.S. House of Representatives and 14 to the Senate. The election results have significantly boosted market momentum due to policies and positions affecting digital assets.
Ripple 
$2 CEO Brad Garlinghouse expressed great optimism regarding the cryptocurrency industry following the Republican victory.
Regulatory Expectations and Market Speculations
In light of the victories of pro-crypto candidates, expectations are rising that the U.S. SEC will drop many digital asset lawsuits. Furthermore, discussions surfaced this week regarding the potential resignation of SEC Chair Gary Gensler under the Trump administration.
Ripple’s XRP and Other Developments
Ripple’s XRP experienced significant changes this week due to Trump’s pro-crypto stance. XRP’s price increased by 14% during the week, reaching $0.57. Ripple also announced plans to launch a Dirham-backed stablecoin in the United Arab Emirates.
Dogecoin 
$0.414897 saw nearly a 50% increase following Elon Musk’s role in Trump’s cabinet, strengthening investor confidence in the asset’s price movements. Additionally, BTC wallets accumulated approximately $145 million worth of BTC this week.
The U.S. Federal Reserve’s decision to cut interest rates by 0.25 basis points has boosted optimism towards risk assets and contributed to BTC reaching a new all-time high. This week, BTC rose 13% to $77,507.
These developments have sparked widespread discussions within the digital asset industry and created market activity. The impact of the U.S. elections on the cryptocurrency markets continues to be closely monitored by investors and industry representatives, providing crucial insights into future regulations and market dynamics.
