The price of Bitcoin surged to a new peak on Wednesday, as investors anticipated that former President Donald Trump’s victory in the US presidential election would significantly benefit cryptocurrencies.
In early trading, Bitcoin rose nearly 8%, surpassing $75,000 and breaking its previous record set in March. Other cryptocurrencies also experienced substantial gains, including Ether, the second most popular cryptocurrency after Bitcoin, which also rallied by 8%.
Previously a sceptic of cryptocurrencies, Trump shifted his stance to a supportive one ahead of the election. He vowed to transform America into “the crypto capital of the planet” and proposed the creation of a “strategic reserve” of Bitcoin. His campaign accepted cryptocurrency donations, and he actively engaged with crypto enthusiasts at a Bitcoin conference in July. Additionally, he initiated World Liberty Financial, a new venture with his family to trade cryptocurrencies. Bitcoin has increased by 77% this year.
Russ Mould, investment director at AJ Bell, a British online investment platform, stated, “Bitcoin is the one asset that was always going to soar if Trump returned to the White House.
“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.”
The crypto industry welcomed Trump’s victory, hoping he would advocate for the legislative and regulatory changes they have long sought.
Trump had already pledged to remove Gary Gensler, the chair of the Securities and Exchange Commission, who has been leading the US government’s crackdown on the crypto industry if he were elected.
Frances Ibiefo
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