Canadian Crypto Observer

By Aditya Nain on November 11, 2024
Estimated reading time: 8 minutes

By Aditya Nain on November 11, 2024
Estimated reading time: 8 minutes

Bitcoin surges, Coinbase makes a splash in Canadian football, and could bitcoin’s creator be Canadian?

Welcome to the Canadian Crypto Observer. Financial journalist and author Aditya Nain offers perspective on market-moving headlines to help Canadian investors navigate the cryptocurrency market.

Before Donald Trump won the U.S. election on Nov. 5, it was widely believed among crypto investors that a Trump administration would be more crypto-friendly than a Kamala Harris administration. This view was bolstered by Elon Musk’s public support for Trump. The logic was simple: since Musk is a supporter of crypto—including meme coins such as dogecoin—this would somehow rub off on or influence how Trump views crypto.

The markets have confirmed that belief. On the night of the U.S. election—as it became clearer that Trump would win—the price of bitcoin jumped about 8%, from about $69,400 to over $75,000 (figures are in U.S. dollars). With this move, bitcoin recorded a new all-time high, surpassing its March 2024 high of about $73,000. In the days since the election, BTC’s price has continued to rise, and at press time was over $85,000.

Source: Google

Hold your horses, though; we have yet to see what a Trump presidency will really mean for crypto legislation in the U.S. And, while POTUS is important in deciding what happens with crypto, he doesn’t hold all the cards. Possibly even more important is the chairperson of the U.S. Securities and Exchange Commission (SEC). That’s Gary Gensler, an MIT professor who is knowledgeable about bitcoin and blockchain—he’s even taught a course called “Blockchain and Money.” Despite this, though, Gensler has been widely considered to be hawkish on crypto during his tenure leading the SEC,........

© MoneySense