Bitcoin spikes to record as traders expect Trump's victory to boost cryptocurrencies

Date:

Share post:


LONDON — The price of bitcoin hit a new high on Wednesday 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% to a record $75,345.00 in early trading, before falling back to about $73,500.00.

Trump was previously a crypto skeptic but changed his mind and took a favorable view of cryptocurrencies ahead of the election.

He 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 the one asset that was always going to soar if Trump returned to the White House,” said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about “when, not if, it will smash through $100,000,” he said.

“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,” Mould said.



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Jenniffer González of Puerto Rico's pro-statehood party edges ahead in gubernatorial election

SAN JUAN, Puerto Rico -- Jenniffer González of Puerto Rico's pro-statehood New Progressive Party was leading polls...

Tesla shares soar 14% as Trump win is seen boosting Elon Musk's electric vehicle company

NEW YORK -- Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and...

CVS Health Q3 profit misses estimates, company names new leaders at 2 divisions

CVS Health fell short on third-quarter profit, but it posted strong sales and the health care giant...

Baby girl and her mother among those lost in Spain's catastrophic flooding

PAIPORTA, Spain -- The mangled car in which Jorge Tarazona’s three-year-old niece and sister-in-law perished in last...

Hit by scandal, Japan's top automaker Toyota reports lower profits

TOKYO -- Toyota’s July-September profit sank to less than half of what it was in the same...

Japanese automaker Honda reports lower profits as China sales decline

Honda said its profits slipped nearly 20% in the first half of the fiscal year from the...

USDA bans school lunch fees for low-income families

NEW YORK -- The U.S. Department of Agriculture announced that students eligible for free or reduced price...

Bernie Marcus, Home Depot co-founder and billionaire philanthropist, dies at 95

NEW YORK -- Bernard “Bernie” Marcus, the co-founder of The Home Depot, the world's largest home improvement...