Key Points
The price of bitcoin hit a new high Wednesday as investors bet that former President Donald Trumps victory in the US presidential election will be a boon for cryptocurrencies...
Bitcoin jumped nearly 8 per cent in early trading, climbing above $75,000 and smashing its previous record set in March..
Other cryptocurrencies also soared, including ether, the worlds second most popular cryptocurrency after bitcoin, which rallied 8 per cent...
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.. Crypto industry advocates welcomed Trumps victory, in hopes that he would be able to push through legislative and regulatory changes that theyve long lobbied for...
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