Crypto boosters gleefully took to social media Tuesday night to hail the price surge and predict the impending departure of Democratic-appointed Securities and Exchange Commission Chairman Gary Gensler, whom many blame for suppressing the industry.

Bernie Moreno, Republican Senate candidate in Ohio, also defeated Democratic incumbent Sherrod Brown, who chaired the powerful Banking Committee. Moreno raked in tens of millions of industry donations after working on a pro-crypto platform, while Brown became a target for his anti-crypto views.

The likelihood of a Trump victory also came as confirmation for the crypto-based betting site Polymarket, whose prediction markets have been pointing to a victory for the Republican candidate for weeks. At the start of Election Day, the site was about 58% in Trump’s favor, but by late Tuesday night those odds had risen to about 90%.

Meanwhile, a host of other cryptocurrencies gained ground as election results trickled in. Ethereum, the second largest cryptocurrency, rose about 7%, while the third cryptocurrency Solana gained about 15%.

The new cryptocurrency Dogecoin made the biggest gains, rising by almost 20%. The rise is largely explained by tech billionaire and Trump ally Elon Musk, who has long been a booster of Dogecoin and recently claimed he would run a Department of Government Efficiency (DOGE) under the Trump administration.

The election result is also good news for publicly traded companies like Coinbase and MicroStrategy, whose stock price is closely tied to Bitcoin’s performance.