Trump win ignites crypto frenzy that sends bitcoin to a record high
The price of bitcoin has hit a new high as investors bet that former President Donald Trump’s victory in the U.S. presidential election will be a boon for cryptocurrencies
LONDON (AP) — The 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.
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%.
