Bitcoin Hits New Record High as Trump Win Boosts Crypto Prospects
Bitcoin rallied past $84,000 for the first time, boosted by President-elect Donald Trump’s embrace of digital assets and the prospect of a Congress featuring pro-crypto lawmakers.
Tweet on Bitcoin Extraordinary rally
Trump was declared the winner in Arizona, marking a clean sweep of the seven US battleground states. His decisive victory in the presidential election has prompted celebratory chest-thumping from the digital-asset industry, which spent over $100 million backing a range of crypto-friendly candidates.
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The largest token climbed as much as 5.6% to an unprecedented $84,360 in New York. Bullish sentiment lifted smaller coins too, including Dogecoin, a meme-crowd favorite promoted by Trump supporter Elon Musk, the world’s richest man.
“With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now,” said Le Shi, Hong Kong managing director at market-making firm Auros
Shares of crypto-related companies also surged. Bitcoin proxy MicroStrategy and US crypto exchange Coinbase each jumped around 17%. Crypto miners MARA Holdings and Riot Platforms climbed 22% and 18%, respectively.
