The total capitalization of the cryptocurrency market has surged by approximately 65% since its reelection.
“The new administration has not only brought a sense of friendliness towards cryptocurrencies but has also shown a willingness to promote this asset class,” write analysts led by Kenneth Worthington.
The new administration has expressed its readiness to discuss the regulation of the crypto market and how to ensure future development in the U.S., the report states, adding that the newly elected president has already appointed several individuals to participate in shaping crypto policy and enforcement.
This indicates that the “worst regulatory environment for cryptocurrencies” is now in the past. It is expected that from this point forward, the ecosystem will become a “safer, more transparent, and productive industry (in terms of regulation).”