Bitcoin (BTC) surged to a record high on Wednesday, November 6, with the broader crypto market and crypto-related stocks enjoying a strong rally as investor confidence grew after Donald Trump’s presidential election victory.
BTC jumped by almost eight percent in early trading, soaring past $75,000 and setting a new all-time high. This surge eclipsed its prior record from March, with other cryptos following suit. Ether, the second largest crypto after bitcoin, saw a similar 8% increase, while dogecoin spiked by up to 18%, bolstered by support from Elon Musk, who has been vocal about his interest in the asset and is among Trump’s high-profile supporters.
Stocks with ties to the crypto industry also outperformed the broader market, with Coinbase seeing its stock price rise by 17%. Robinhood Markets experienced a 12% increase while MicroStrategy climbed 10% in trading.
Throughout his campaign, Trump pledged to make the U.S. the “cryptocurrency capital of the world” and a bitcoin strategic reserve. He actively sought the support of crypto enthusiasts, even accepting campaign donations in crypto. In July, he made an appearance at a major BTC conference and also launched World Liberty Financial (WLF), a venture focused on crypto trading with his family’s involvement.
Bitcoin’s growth has been remarkable this year, gaining about 77% in value.
“Bitcoin was always likely to see a surge if Trump got re-elected,” noted Russ Mould of British investment platform AJ Bell. He added that with the latest spike, market speculations are now leaning towards when, rather than if, bitcoin will surpass the $100,000 mark.
Trump’s open support for crypto has given traders and investors a new narrative to rally around, sparking enthusiasm about bitcoin’s potential future value. However, not all financial experts are as optimistic.
Susannah Streeter, who leads the markets and money team at Hargreaves Lansdown, cautioned against high-risk investments in crypto, citing the history of volatility in crypto prices and the unpredictable swings in the market.
Trump’s win was seen as a positive sign by the crypto industry, with hopes that his administration will usher in regulatory reforms the sector has long advocated for. During his campaign, Trump had pledged to replace Gary Gensler, the current chair of the Securities and Exchange Commission (SEC), who has been leading efforts to regulate cryptocurrencies and digital assets in the U.S. market.
Brian Armstrong, the CEO of Coinbase, expressed his support for clearer guidelines on digital assets. Armstrong posted on social media, saying, “The crypto voter has spoken decisively tonight. Americans have demonstrated that they care about cryptocurrency and want clear regulations to regulate digital assets, regardless of party affiliation or important elections. We are excited to collaborate with the next Congress to help this happen.”
When a market rally of this nature happens, it benefits all players in the industry, including mining companies like Bit Digital Inc. (NASDAQ: BTBT) since they are bound to receive higher rewards for the coins mined.
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