In a historic surge, Bitcoin’s price has jumped nearly 8% to above $75,000, following former President Donald Trump’s victory in the U.S. presidential election ¹. This significant increase has shattered its previous record set in March, as reported by AP. Other cryptocurrencies, such as ether and dogecoin, have also experienced notable boosts, rallying 8% and skyrocketing up to 18%, respectively.
Experts suggest that Trump’s win could be beneficial for cryptocurrencies, given his pledge to make America “the crypto capital of the planet” and create a “strategic reserve” of bitcoin ¹. His campaign’s acceptance of cryptocurrency donations and his appearance at a bitcoin conference in July demonstrate his support for the industry.
*Key Factors Contributing to the Surge:*
– _Trump’s Shift in Stance_: Previously a crypto skeptic, Trump has now embraced cryptocurrencies, launching World Liberty Financial, a venture with family members to trade cryptocurrencies.
– _Pro-Crypto Actions_: Trump’s campaign has taken a pro-crypto stance, contributing to the surge in cryptocurrency prices following his election victory.
– _Market Speculation_: The market is now speculating about “when, not if, it will smash through $100,000,” according to Russ Mould, investment director at AJ Bell.
Bitcoin has seen a remarkable 77% increase this year, with experts predicting further growth. As Trump has declared his love for digital currency, crypto traders are excited about the potential price surge ¹.
