Bitcoin surges to record high as traders rally around Trump victory
Value has fluctuated between $55,000 and $70,000 over the past several months, but Donald Trump's victory in the US presidential election has shaken up the market.
The big picture: The world's leading cryptocurrency entered 2024 in a slump, with the value of a single coin hovering near the $40,000 as the calendar rolled over. The debut of US-listed Bitcoin exchange-traded funds in January had a huge impact on the market and by March, Bitcoin's value had surged to more than $70,000. Now, Bitcoin has reached an all-time high of more than $75,000 in what could be the start of a record run for the popular cryptocurrency following the US presidential election.
Value has fluctuated between $55,000 and $70,000 over the past several months, but Donald Trump's victory in the US presidential election has shaken up the market.
AJ Bell analyst Russ Mould told The Guardian just ahead of the election on Tuesday that many investors believed that a Republican win would result in a surge for the cryptocurrency. Nigel Green from financial advisory group deVere said a Trump win could be the catalyst that pushes the digital currency into uncharted territory.
As the publication highlights, Trump initially viewed cryptocurrencies as a scam but later changed his stance. Green added that Trump's return to the White House could result in a renewed emphasis on deregulation, tax breaks, and other policies that could favor alternative investments like Bitcoin.
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