Bitcoin price hits record high following Trump's win
Akbar Novruz
Read moreThe price of bitcoin hit a new high Wednesday and crypto-related shares rallied as investors bet that former President Donald Trump’s victory in the U.S. presidential election will be a boon for cryptocurrencies, Azernews reports.
Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world’s second most popular cryptocurrency after bitcoin, which rallied 8%.
Another token, dogecoin, rocketed as much as 18%. It’s the favorite cryptocurrency of billionaire Elon Musk, one of Trump’s most prominent supporters.
Crypto-related shares outran the rest of the stock market. Coinbase, one of the biggest cryptocurrency exchanges, leaped 17%. Online brokerage Robinhood Markets, which offers crypto trading, soared 12% and MicroStrategy, which says it is the “largest corporate holder of bitcoin,” jumped 10%.
Trump was previously a crypto skeptic but changed his mind and embraced cryptocurrencies ahead of the election.
He has pledged to make America “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.
Bitcoin is up 77% this ye
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!