Trump Victory Boosts Crypto Market, Bitcoin Reaches New Record
Other cryptocurrencies also experienced a notable boost, with ether rallying 8% and dogecoin skyrocketing as much as 18%.
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Bitcoin’s price surged to a new high on Wednesday, jumping nearly 8% to above $75,000, after former President Donald Trump’s victory in the U.S. presidential election.
According to AP, the significant increase has smashed its previous record set in March. Other cryptocurrencies also experienced a notable boost, with ether rallying 8% and dogecoin skyrocketing as much as 18%.
Experts suggest that Trump’s win could be beneficial for cryptocurrencies, as he has pledged to make America “the crypto capital of the planet” and create a “strategic reserve” of bitcoin.
His campaign’s acceptance of cryptocurrency donations and his appearance at a bitcoin conference in July further demonstrate his support for the industry.
It’s worth noting that Trump’s stance on cryptocurrency has shifted over time. Previously a crypto skeptic, he has now embraced cryptocurrencies and even launched World Liberty Financial, a venture with family members to trade cryptocurrencies.
This shift in stance, combined with his campaign’s pro-crypto actions, has likely contributed to the surge in cryptocurrency prices following his election victory.
Bitcoin is up 77% this year.
“Bitcoin is the one asset that was always going to soar if Trump returned to the White House,” said Russ Mould, investment director at AJ Bell, a British online investment platform.
After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000,” he said.
“Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,” Mould said.
