Elon Musk says that the Republican Party (GOP) has won a majority in the US Senate and the US House after sweeping all swing states.
Elon Musk has said that the Republican Party (GOP) has won every swing state and taken a majority in the US Congress’s Senate and House. The cryptocurrency business may see significant changes in legislation, stances, and legal actions as a result of Republicans controlling the US Congress.
Republican Party wins majority in US house, says Elon Musk
Elon Musk said that Arizona had just expressed its support for US President Donald Trump in a post on X on November 7. As a result, the Republican Party has won every swing state handily. As the GOP gains a majority in the US Congress, it is a huge landslide triumph. “Massive red wave success! It is beyond a landslide,” said Musk.
On Wednesday, Republican Donald Trump defeated Democrat Kamala Harris by a wide margin, taking 312 electoral votes and the popular vote. Together with the majority of state governors and state legislatures, the Republican Party also secured a majority in the Senate, the highest house of government.
Results have not been announced by the Associated Press, but according to statistics from the New York Times, Republicans are ahead by 205 votes to Democrats’ 190. To take control of the US House, a party must receive 218 votes. But according to Elon Musk’s sources, the Republican Party has won the US House election and taken complete control of the US Congress.
“The few states that didn’t go red are mostly ones without voter ID requirements. Must be a coincidence. This is an extremely clear mandate from the people for significant change!”
For anyone, whether in America or other countries, who finds this result shocking, they should reconsider where they get their information.
This trend was obvious on 𝕏 for months, but almost all the legacy mainstream media pushed a completely false reality.
They lied to you. https://t.co/gQsO1RUWos
— Elon Musk (@elonmusk) November 7, 2024
According to Stand With Crypto, the US election was a “crypto voter” election, and the victory of pro-crypto politicians is significant news for the crypto community. After the Senate majority, the Republican Party won the House majority, which encouraged the cryptocurrency community.
Crypto candidates win triggers Bitcoin and Dogecoin rally
Trump’s election sparked a global wave of support for cryptocurrency in the US Congress. Crypto firms and specialists have committed to collaborating with legislators on crypto regulation and boosting the nation’s acceptance of cryptocurrencies. This election, more than 270 pro-crypto candidates won seats in Congress, according to data from Stand With Crypto.
Coinbase CLO Paul Grewal anticipates that a new Trump-appointed chair would bring about major changes to the SEC’s crypto cases. He thinks that the clarity of Trump’s crypto regulations may affect the litigation against Coinbase and Ripple for securities breaches.
Brad Garlinghouse, the CEO of Ripple, also listed a number of crypto-friendly measures that President-elect Donald Trump need to implement within his first 100 days in office. The outcome of the Ripple v. SEC litigation, the closure of Operation Choke Point 2.0, stablecoin regulation, and regulatory certainty in the cryptocurrency space were all made possible by the election.
The Republican Party’s majority and Trump have propelled Bitcoin’s FOMO surge above $100K. At the moment, the price of Bitcoin (BTC) is $74,810. Dogecoin has surged in response to Elon Musk’s creation of the Department of Government Efficiency (DOGE). The price of Dogecoin is predicted by analysts to reach $4.
Crypto stocks close on huge gains riding Donald Trump’s US election win
Following the party’s victories in the Senate and the White House, traders have seized on hope that the more pro-crypto Republicans may also secure a majority in Congress.
Following a landslide election victory for Donald Trump and a new all-time high for Bitcoin, U.S. cryptocurrency stocks concluded the day with huge gains, the majority of which were in double digits.
The largest increase occurred on Nov. 6, when cryptocurrency exchange Coinbase Global Inc. (COIN), one of the largest funders throughout the election season, closed up 31.11% at $254.3, making it up 62.1% so far this year, according to Google Finance.
The well-known trading firm Robinhood Markets Inc. (HOOD) and Bitcoin miner MARA Holdings Inc. (MARA), formerly known as Marathon Digital, both had day-to-day increases of 19.6%. MicroStrategy Inc. (MSTR), which purchased Bitcoin, also closed up more than 13%.
Other US Bitcoin miners are also seeing gains, with Hut 8 Corp (HUT) up 11%, CleanSpark Inc. (CLSK) up 23%, and Riot Platforms Inc. (RIOT) finishing up 26%.
It appears that traders are hopeful that Republicans would take over both the White House and Congress, which would make it easier for two crypto measures supported by the GOP to become law.
During his campaign, Republican candidate for president-elect Trump made a strong commitment to cryptocurrency and even pledged to build a strategic Bitcoin stockpile.
According to the Associated Press, he is leading in the crucial swing states of Arizona and Nevada that have not yet been called, putting him on course to receive 312 electoral college votes—far more than the 270 required to win.
His party is leading in House seats and earned a majority in the Senate, but with 40 seats up for grabs, things might change.
If the GOP-backed Financial Innovation and Technology for the 21st Century Act (FIT21) is not enacted in the lame duck session, it may be passed by the Republican-majority Senate when it reconvenes in January.
After clearing the House in May, the measure, which aims to give the Commodity Futures Trading Commission broader regulatory authority over cryptocurrencies, stagnated in the Senate banking committee.
With a Republican House majority, the GOP’s stablecoin regulatory framework bill, which stagnated after passing the Financial Services Committee last July, may also be revived.
Another probable cause of the stock price increase is the skyrocketing price of bitcoin.
Throughout the New York trading day, according to TradingView, it kept setting new records. One minute before the New York Stock Exchange closed at 4 p.m. (9 p.m. UTC), it hit its current all-time high of $76,509.56 on Coinbase.
Can Shiba Inu price 4x with massive 7,000% whale accumulation
A 7,000% increase in whale accumulation might quadruple the price of Shiba Inus. The path to $0.000081 may be paved by key resistance at $0.00002050.
After SHIB whale accumulation surged by more than 7,000% in the last seven days, the price of Shiba Inu (SHIB) may follow Dogecoin’s lead and increase by four times. Whale accumulation indicates that major investors have faith in the cryptocurrency asset and expect it to rise in value in the future.
After falling 0.6% over the last day, the price of SHIB is currently circling about $0.00001880, mirroring the price retracement of Dogecoin. Massive whale accumulation suggests that the SHIB price may be set to alter from its poor performance throughout the electioneering period.
Shiba Inu price surge imminent amid 7,000% whale accumulation
Since they have been accumulating tokens in large quantities over the past week, SHIB whales have a hunch that something significant is going to occur. Whales have boosted their SHIB holdings by 7,469% in just 7 days, according to data from IntoTheBlock (ITB). The weekly uptick indicates that the trend is shifting, even though the monthly NetFlow is still down 3,000% from the previous month.
The large holder transaction count climbed from 53 transactions (txs) to 324 txs, confirming this. Large investors appear to be very interested in SHIB because they believe the price may rise.
The well-known cryptocurrency expert Javon Marks continues to hold to his earlier forecast that the price of SHIB will rise to $0.000081. Marks claims that a falling wedge bull pattern on the daily chart is confirmed by the SHIB Relative Strength Index (RSI). This will be a 4X rise from the present price if his judgment is accurate.
SHIB price analysis: barriers to beat for 4x returns
An asset has broken out of a symmetrical triangle, according to the Shiba Inu price projection. The triangle has a four-month range, with support at $0.00001260 and resistance at $0.00002050.
More volume would be required to break over the overhead resistance at $0.00002050, as the price is now circling above the triangle’s upper trend resistance (R1).
The price would quickly jump 45% to $0.000028 and 68% to $0.000032 before rising to $0.000081 if it broke through the obstacle.
Can SHIB break past the $0.00002050 barrier?
According to a daily chart analysis, the Average Directional Index (ADX) is at 16.46 but is trending upward, indicating low but rising volatility. It is a positive sign that purchase pressure may return to the meme coin when combined with the present SHIB price movement.
The price of Shiba Inu has further space to rise before it reaches the overbought zone since the Moving Average Convergence Divergence (MACD) indicator has also displayed a positive crossing and the Relative Strength Index (RSI) is above the midpoint at 56.96.
