‘Crypto president’ Donald Trump has investors cheering as bitcoin hits record
Bitcoin briefly soared past $75,000 for the first time ever on Wednesday.
Donald Trump’s reelection sent bitcoin to all-time highs on Wednesday as traders cheered the coming administration of the “crypto president.”
Bitcoin popped as much as 8% early Wednesday, rising past $75,000 for the first time ever before paring its gains to trade about 7% higher, around $74,411.
Other digital asset prices also rose, thanks to renewed optimism in the sector as traders anticipate crypto-friendly policies from Trump.
Ether rose 8% by mid-day Wednesday, while Dogecoin, the crypto associated with prominent Trump supporter Elon Musk, also rallied 8%.
Crypto-related stocks, meanwhile, also moved up, with shares of Coinbase rallying 21% and Robinhood climbing 16% by mid-day.
Trump had been dubbed the “crypto president” during his campaign as he courted the industry, which was one of the largest sources of political spending during the election cycle.
Earlier this year, Trump gave a speech at the 2024 Bitcoin Conference, where he promised to create a “bitcoin national stockpile.” In October, he launched a stablecoin with his crypto business, World Liberty Financial.
Bullish forecasts for bitcoin piled up on Wall Street in the weeks leading up to the election. Bitcoin could soar to $125,000 by the end of the year on a Trump victory, Standard Chartered predicted in a September note.
Bitcoin is among the many so-called Trump Trades rallying after the election. Shares of Trump Media, Tesla stock, bank stocks, and small-caps surged on Wednesday.
