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Bitcoin surged to a record high on Wednesday as crypto investors celebrated the election victory of Donald Trump, who has pledged to make the US “the bitcoin superpower of the world”.
The world’s biggest cryptocurrency rallied more than 7 per cent to an all-time high of $75,389 as Trump won the race to the White House.
The milestone surpassed the previous peak of $73,803.25, set in March, and lifted the prices of a host of other cryptocurrencies. Senior crypto executives welcomed Trump’s decisive victory and a potential Republican “clean sweep” of US Congress as a chance to shift attitudes to the industry in Washington. Trump positioned himself as the pro-cryptocurrency candidate, vowing to end the industry’s perceived “persecution”, and to secure more crypto-friendly legislation in the US. “The future of crypto has never looked brighter than today,” said Kris Marszalek, chief executive of exchange Crypto.com.
Bitcoin’s rise boosted the share prices of other crypto tokens. The price of ether rose 8.9 per cent to $2,642, while solana surged 12 per cent to $185. The price of meme token Dogecoin, favoured by Trump backer Elon Musk, jumped 20 per cent to 20 cents.
A victory for Trump comes as some of the crypto market’s biggest investors in Silicon Valley spent heavily on campaign financing to promote pro-crypto candidates.
Among them were venture capital firm Andreessen Horowitz and Gemini co-founders Tyler and Cameron Winklevoss. “We are on the brink of a new American Renaissance,” said Tyler Winklevoss. “The crypto army is striking!” he wrote on X.