As investors hoped that former President Donald Trump’s win in the U.S. presidential election would help cryptocurrencies, the price of bitcoin reached a new high on Wednesday. Early trading saw a nearly 8% increase in Bitcoin, which broke its previous high established in March and surged past $75,000.
Ethereum, the second-most popular cryptocurrency in the world after bitcoin, surged 8% along with other cryptocurrencies. Dogecoin, another token, surged up to 18%. Elon Musk, a billionaire and one of Trump’s most well-known supporters, prefers it as his cryptocurrency. Before the election, Trump, who had previously been sceptical of cryptocurrencies, changed his opinion and embraced them. America will become “the crypto capital of the planet” and a “strategic reserve” of bitcoin, he has promised.
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. But other experts warned of the risks. “Investors should only dabble in crypto with money that they can be prepared to lose,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
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