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Today’s crypto news revealed that Bitcoin reached a record high on Wednesday. Shares of companies involved in cryptocurrency exceeded. Investors placed bets that cryptocurrencies will enjoy former President Donald Trump's win in the U.S. presidential election.
Trading saw an 8% increase in Bitcoin, which broke its previous high created in March and surged past $75,000. Ethereum, the second-most popular currency in the world after bitcoin, surged 8% along with other currencies.
Other Currencies
Another token, Dogecoin, surged 18%. Elon Musk, one of Trump's most well-known supporters, prefers it as his cryptocurrency.
Shares of cryptocurrency companies outperformed the stock market. One of the largest bitcoin exchanges, Coinbase, increased by 17%. MicroStrategy, which claims to be the "largest corporate holder of bitcoin," increased 10%. Online broking Robinhood Markets promotes cryptocurrency trading, surged 12%.
Trump Crypto Support
Before the election, Trump, suspicious of cryptocurrencies, changed his opinion and supported them.
He has promised to establish a "strategic reserve" of bitcoin and to turn America into "the crypto capital of the planet." At a Bitcoin conference in July, he approached cryptocurrency fans, and his campaign welcomed crypto donations. He also started a new cryptocurrency trading business called World Liberty Financial.
This year, Bitcoin has increased 77%.
Russ Mould Statements
Russ Mould, investment director at AJ Bell, stated:
“Bitcoin is the one asset that was always going to high if Trump returned to the White House,”
“After touching its new high, the market is now making assumptions about “when, not if, it will smash through $100,000,”
Mould states, “Trump has already stated his admiration for the digital currency, and Bitcoin traders now have a new story to get even more excited about where the price could go.”
Experts Warnings
According to Susannah Streeter, head of money and markets at Hargreaves Lansdown, investors should only experiment with cryptocurrency with money they can afford to lose. Because these extreme swings have happened before.
Players in the cryptocurrency sector cheered Trump's win. They believe he could pass the laws and regulations they had long worked for. Trump had previously declared that he would fire Gary Gensler if elected. Gary Gensler has directed the American government's campaign against the cryptocurrency sector.
According to Coinbase CEO Brian Armstrong, "The crypto voter has spoken strongly tonight—across party lines and in important races across the country." Americans are unusually interested in cryptocurrency and want clear guidelines for using digital assets. To achieve this, we're excited to collaborate with the new Congress," Armstrong wrote on X.
"That's definitely what cryptocurrency enthusiasts would want," Streeter stated. "They want to give crypto a sense of laws, but they don't want regulations to be so complex that they limit creativity and opportunity."
