Bitcoin reaches a record $75,000 as the crypto industry celebrates Trump’s win, driving market optimism.
Bitcoin reached a new high on Wednesday as crypto investors welcomed Donald Trump’s election triumph. Which has claimed to make the United States “the bitcoin superpower of the world”.
The world’s largest cryptocurrency rose more than 7% to an all-time high of $75,389 after Trump won the presidential election. The milestone surpassed the previous high of $73,803.25. Reached in March, and boosted the values of a variety of other cryptocurrencies.
Senior cryptocurrency CEOs welcomed Trump’s landslide victory and a likely Republican. “clean sweep” of the US Congress as an opportunity to change Washington’s perception of the sector.
“The future of cryptocurrency has never looked brighter than today,” stated Kris Marszalek, CEO of Crypto.com.
Bitcoin’s surge has lifted the share prices of other crypto tokens. Ether jumped 10% to $2,661, while solana increased 12% to $185. The price of Dogecoin, a meme currency favored by Trump supporter Elon Musk. Rose as much as 30% to 22 cents before dipping to 20 cents.
Trump’s triumph comes as some of the crypto market’s most prominent investors in Silicon Valley spent substantially on campaign fundraising to support pro-crypto politicians. Among them were Andreessen Horowitz, a startup financing firm, and Gemini co-founders Tyler and Cameron Winklevoss.
Tyler Winklevoss declared, “We are on the verge of a new American Renaissance.” He wrote, “The crypto army is striking!” on X.
Tonight, the crypto voter has spoken decisively,” said Brian Armstrong, CEO of cryptocurrency exchange Coinbase. “Americans disproportionately care about crypto and want clear rules of the road for digital assets.”
Digital asset investors and executives are expecting that Trump would keep some of his election pledges, such as creating. A US bitcoin strategic reserve and firing Gary Gensler. The Securities and Exchange Commission chief who has been demonized by crypto aficionados.
His organization has filed litigation against cryptocurrency exchanges Coinbase. Kraken, and Crypto.com, blockchain software company Consensys, and payment service Ripple Labs.
According to Matt Hougan, chief investment officer of Bitwise, a cryptocurrency fund manager. The increase in bitcoin and other cryptocurrency tokens on election night indicates a growing confidence in the industry’s regulatory environment.
Crypto miners’ stocks also rose on the potential of a Trump victory. With the Republican nominee previously promising to ensure bitcoin mining takes place in the United States.
Riot Platforms, Marathon Digital, and Core Scientific. All saw their shares rise by 12, 9, and 7%, respectively, while Coinbase’s stock increased by 19%.
Jake Ostrovskis, an over-the-counter trader at crypto market maker Wintermute, said a Republican presidential victory was “important because it would increase the chances of crypto-related bills passing in Congress — at least in the eyes of market participants”.
Bitcoin’s gains were also aided this week by inflows into US exchange traded funds that invest directly in cryptocurrency. BlackRock’s fund, the market leader, has received more than $2.4 billion in the last week, boosting its total assets to more over $30 billion.
In the run-up to the election, Trump has also been pushing World Liberty Financial, a new cryptocurrency company from which he stands to profit significantly.
The decentralised banking platform has stated that it would “leverage the global reach and recognition of the Trump brand” and has raised $15 million by selling tokens that do not provide buyers with ownership stakes and cannot be transferred.
Some industry officials have expressed concern that the project may jeopardize efforts to regain confidence in the sector after years of high-profile failures and fraud.
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