Trump 2024 Presidential Win Impact on Crypto

The US 2024 elections were highly contested and had many firsts happening, such as the investment of the cryptocurrency industry into the federal elections. According to the leading consumer advocacy group Public Citizen, top PACs in the cryptocurrency industry invested over $100 million to back pro-crypto candidates in various congressional races. Additionally, individual billionaires in the crypto space or interested in the crypto spaces spent millions to back Trump's 2024 presidential bid. 

In the wake of his victory in the elections, President-elect Donald Trump is already laying the foundation to promote a pro-crypto environment in the U.S. Reports suggest that he plans to appoint 24 CEOs and founders to his government's Crypto Advisory Council. This advisory council will collaborate with Congress to draft cryptocurrency legislation. 

Furthermore, it will work with government regulators such as US SEC, US CFTC, and Treasury to ensure regulatory clarity in the cryptocurrency space. The other large mandate of the Crypto Advisory Council would be to establish a Bitcoin reserve, which was one of Trump's main promises to the crypto community during his campaign period.

Before the end of 2024, President-elect Trump announced David Sacks, the former PayPal chief, would lead the Crypto Advisory Council with Bo Hines, a former Republican House candidate, as the executive director. While we await to see if Trump will fulfill all his promises to the crypto community, the impact of his win is already being experienced in the cryptocurrency market.

Double Institutional Crypto OTC trading volumes in 2024

According to Finery Markets, an over-the-counter (OTC) crypto trading solutions provider, institutional OTC trading volumes rose by 106% in 2024 compared to 2023. The last quarter of 2024 saw the highest increase in trading volumes, especially after Trump’s election to the White House in Early November. 

Stablecoin OTC trading volumes recorded the highest increase in trading volumes at 191% compared to Q4 2023. In comparison to year-on-year results, Q1 recorded an 80% increase, Q2 110%, and Q3 78%. In terms of decentralized cryptocurrencies, the most popular currencies recorded significantly high trading volumes, with Ethereum (ETH) recording a 187% increase and Bitcoin (BTC) recording an 80% increase from the same period in 2023.

Trump’s win also impacted the Crypto-to-crypto trading volumes, leading to a remarkable 440% rise. Trading for crypto-to-stablecoin always grew significantly in Q4 2024 by 311% compared to Q4 2023. 

The president-elect's pro-crypto stance has led to a renewed wave of interest in crypto trading and crypto investment. However, all newbies in the world of cryptocurrency need to do due diligence regarding crypto engagements. Just like you would visit a casino review site before choosing your ideal online casino, new traders should research before diving into crypto trading platforms.

CoinGate reported 1million+ crypto payments processed in 2024

CoinGate, the multi-functional cryptocurrency payment processor, also recently released its 2024 crypto payments report. It processed 1.68 million crypto payments in the year — a 29.6% increase from payments processed in 2023. The month of November had the highest number of transactions, accounting for 9.11% of all-year transactions. October came in second, accounting for 9.06% of all transactions. Q4 of 2024 accounted for the highest percentage — 27.13% of total annual transactions. These findings are a testament to Donald Trump's presidential election win influence in building confidence in the crypto market.

The US also accounted for most crypto transactions, leading at 21% of all transactions, followed by Germany, accounting for 6–6.5%, and the UK, closing the top three, accounting for 5.2–5.7%. For emerging markets, CoinGate had reasonable growth in Nigeria and Ukraine, with 0.42% and +0.61% respectively.

BitPay processed over 600k 2024 crypto transactions 

In Bitpay’s Decrypted report of 2024, the Cryptocurrency payment service reported having processed 608,000 crypto transactions in the year, the highest number yet. Broken down into specific cryptos, Litecoin (LTC) had the highest transaction volumes on the payment service at 201,165 payments, followed by Bitcoin (BTC) with 130,250 transactions and Ethereum (ETH) closing the top 3 with 56,356 payments. 

In terms of country representation, the United States dominated, accounting for 76% of all the transactions on BitPay. 2024 was arguably one of the best years for cryptocurrency and traders took advantage of the bullish season to make transactions and grow their investments.  

In 2025, regulatory clarity will play a key role in aiding mainstream acceptance of cryptocurrencies. Under the Trump administration, we anticipate favorable cryptocurrency policies that will influence higher institutional investment in crypto, the diversification of the crypto market, and easier adoption of crypto trading and crypto investment by the general public. 

While 2024 was great, the forecast for the crypto industry in 2025 is overwhelmingly positive. The ceiling of crypto in 2025 is quite high – from cross-border payment growth to a rising demand for crypto ETFs.