The largest cryptocurrency broker in the world, Binance publicly congratulated Donald Trump on his victory in the 2024 US presidential election.
In a note, the broker remembers that he no longer operates in the country and does not serve clients who declare that they live in the United States. Still, he acknowledges that the North American market’s impact on the cryptocurrency ecosystem is one of the largest.
In a note to Livecoins, Binance said it believes the new president can leverage the Web3 business and help grow the cryptocurrency market.
“While we are not a U.S. company and do not have users in the country, we recognize the influence of U.S. economic policies around the world. That said, we have always believed that the future of cryptocurrencies is bright, regardless of the outcome of any election.
We congratulate President-elect Donald Trump and are hopeful that the US will implement policies that support innovation in the Web3 sector and protect users, especially as adoption continues to grow.”
Guilherme Nazar, Binance regional vice president for Latin America and general manager in Brazil, comments on the rise of bitcoin
Commenting on the current moment that the cryptocurrency market is experiencing, Guilherme Haddad Nazar also highlighted Bitcoin’s good moment, following a new all-time high against the US dollar.
“The market’s top cryptocurrency, Bitcoin, broke another record, hitting a new all-time high of $75,000, surpassing March this year’s record of $73,738. This remarkable achievement reflects increased confidence in digital assets amid a changing economic and political landscape, especially the US elections. Traditionally, any rise in Bitcoin also has positive effects on other cryptocurrencies“, says Binance’s VP Latam.
“Since the beginning of 2024, Bitcoin has already achieved an increase of more than 75%, a significant performance compared to several capital market assets and which can be attributed to a combination of macroeconomic factors and innovative financial strategies – with the US elections being a major factor. factor behind this increase.
From a macroeconomic perspective, the recent rate cut in relevant economies including the US, Eurozone and China has injected liquidity into capital markets, and expectations of further rate cuts are contributing to positive investor sentiment as the global economy recovers .
Another important factor that should not be forgotten is the impact of the launch of exchange-traded funds (ETFs) in January in the United States, which increased institutional participation in the cryptocurrency market. Bitcoin ETFs were launched by financial heavyweights BlackRock and Fidelity, along with seven other management firms, generating widespread interest and pushing the cryptocurrency further into mainstream wallets.
According to one of Binance Research’s latest reports on spot BTC ETFs, nine funds have managed $68.5 billion worth of Bitcoins since their launch, which represents about 5% of existing Bitcoins. This institutional stance not only reflects confidence in Bitcoin’s long-term viability, but also underlines its growing role in the global financial ecosystem.
The adoption of spot ETFs for Bitcoin, Ethereum and Solana, the latter in the case of Brazil, should continue to drive institutional demand, generally benefiting the entire crypto community.
The new all-time record demonstrates the impact of supportive developments in the crypto landscape and reinforces the increasing alignment of digital assets with global financial trends. Looking ahead, the cryptocurrency market remains bullish as Bitcoin’s role in diversified portfolios continues to grow and gain greater adoption‘, the executive concluded.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
