The price of $SOL soared to $188, which is its highest point in six months! The driving force behind it?
According to the New York Times, Bitcoin also benefited from it, rising 3.4% in 24 hours and its market value exceeded $88 billion. It also became the fourth largest cryptocurrency, surpassing BNB.
Trump's re-election is quite optimistic about the cryptocurrency market. Everyone thinks that his government may give cryptocurrencies a more relaxed environment, and maybe even allow Solana to start an exchange-traded fund (ETF) in the United States.
Balaji Srihari, the business head of CoinSwitch, also said that if the regulatory environment is good, Solana will be able to show his strength. Trump's victory is a good sign for the cryptocurrency industry, and the attitude of the SEC towards Solana's assets may be relaxed.
But then again, although Trump can pave the way for Solana, whether the ETF can succeed depends on how the regulation and the market interact. The SEC considers Solana as a security, so it is difficult to approve an ETF. However, Solana must meet a series of standards, such as anti-money laundering, customer identity verification, and asset security.
Trump has always supported cryptocurrencies. His re-election is something the industry has been looking forward to. During his campaign, he said he would strongly support cryptocurrencies, relax regulations, and support mining in the United States.
Anmol Singh, founder of Zeta Markets, thinks that Trump's return is a great thing for Solana. Solana has many users, active funds, reliable protocols, and is increasingly decentralized. These are its advantages. If the ETF is approved, Solana may be on par with Bitcoin and Ethereum and become the main force of the exchange.
Trump also said that he would fire Gary Gensler, chairman of the SEC, because this guy is too strict in supervision and is always criticized. But then again, Trump's words don't count. The US president can't fire the leaders of federal agencies.
The test of the bull market is not only the ups and downs of the market, but also a test of our mentality. In the face of account changes, we must remain rational. Next, I will announce the next coin with tenfold potential!It’s better to grasp it than to guess blindly! Like + leave a message, share it for free.
