Donald Trump

United

Binance founder Changpeng Zhao’s net worth reportedly surged by $12.1 billion in a single day. 
On November 6, it was confirmed that <a href="https://crypto.news/tag/donald-trump/" target="_blank">Donald Trump</a> won the 47th presidential election in the United States, raising Zhao’s net worth by $12.1 billion in one day, <a href="https://www.bloomberg.com/news/articles/2024-11-07/-the-king-is-back-binance-billionaire-cz-plots-life-after-prison?embedded-checkout=true" target="_blank" rel="nofollow">according</a> to the Bloomberg Billionaires Index. 
Zhao, who recently resigned as CEO amid ongoing legal issues in the U.S., continues to hold significant assets in Binance (<a href="https://crypto.news/price/bnb/" target="_blank">BNB</a>), the world’s largest cryptocurrency exchange.&nbsp; 
Zhao’s wealth increase comes at a complex time. Following accusations of regulatory breaches, his <a href="https://crypto.news/binance-settlement-plea-deal/" target="_blank">recent legal settlements</a> with the U.S. Department of Justice and the Commodity Futures Trading Commission led him to step down from his role.&nbsp; 
Much of his wealth <a href="https://crypto.news/binances-cz-open-to-reviewing-offers-to-sell-controlling-stake/" target="_blank">remains tied up</a> in <a rel="" href="https://crypto.news/tag/Binance">Binance</a> holdings, benefiting from increased crypto market activity during the election cycle as investors anticipate regulatory shifts and positive policy impacts on digital assets​. 
 You might also like: <a rel="" href="https://crypto.news/donald-trump-wins-big-btc-price-hits-75k-as-doge-and-dtx-pumping-30/"> Donald Trump wins big; BTC price hits $75k as DOGE and DTX pumping 30% </a> 
<h2 class="wp-block-heading" id="markets-surging">Markets surging</h2> 
On November 6, following Donald Trump’s election victory, both the stock and cryptocurrency <a rel="" href="https://crypto.news/bitcoin-crypto-stocks-surge-as-harris-congratulates-trump/">markets reacted with volatility</a>. U.S. stock futures briefly dropped overnight, as investors anticipated potential changes in economic policies, but the markets rebounded strongly by the next day with the Dow Jones Industrial Average climbing as investors placed bets on tax cuts and infrastructure spending.&nbsp; 
In the crypto market, Bitcoin (<a rel="" href="https://crypto.news/price/bitcoin/">BTC</a>) experienced heightened trading activity, with some investors viewing it as a hedge against political uncertainty, though its price remained relatively stable.&nbsp; 
Bitcoin has since pushed past all-time highs and is bringing much of the crypto market along with it, including BNB.&nbsp; 
 You might also like: <a rel="" href="https://crypto.news/caroline-ellison-reports-to-federal-prison-to-start-sentence/"> Caroline Ellison reports to federal prison to start sentence </a>

Binance’s Changpeng Zhao is $12.1b richer due to Trump victory: report

Table of Contents

crypto.news

Other articles published on Nov 7, 2024

Singapore MAS Announces Plans to Boost Asset Tokenization in Finance

BTC could be set for $100k and these cryptos can also soar

New Nonstop Bitcoin ATHs Expected by Samson Mow Soon

Bitcoin, ETH, & XRP Price Prediction: What To Expect Next?

CNBC Predicts Bitcoin Could Reach $100,000 Before Trump’s Inauguration

Can Trump’s Presidency Trigger a DeFi Boom for Ethereum?

Join our free newsletter for daily crypto updates!