Thu Nov 07 05:53:04 UTC 2024: ## Trump’s Victory Sends Bitcoin Soaring to New Highs

**LONDON** – Bitcoin surged to a record high on Wednesday, exceeding $75,000, as investors bet that former President Donald Trump’s victory in the US presidential election will be a boon for cryptocurrencies. The digital currency jumped nearly 8% in early trading, smashing its previous record set in March.

Other cryptocurrencies also saw significant gains, including Ethereum, the world’s second largest cryptocurrency, which rallied 8%. Dogecoin, the favorite cryptocurrency of billionaire Elon Musk, one of Trump’s prominent supporters, rocketed as much as 18%.

Trump’s embrace of cryptocurrencies ahead of the election, including accepting campaign donations in digital assets and pledging to make America the “crypto capital of the planet,” has fueled investor optimism.

“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. “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.”

However, experts cautioned about the risks associated with the volatile crypto market, urging investors to only invest what they can afford to lose.

“We’ve seen these wild swings in the past,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

Crypto industry players celebrated Trump’s victory, hoping for legislative and regulatory changes that would provide greater clarity and legitimacy for the industry. Trump’s administration is expected to pursue “light touch regulation,” a move that would likely be welcomed by crypto enthusiasts.

Brian Armstrong, CEO of Coinbase, one of the biggest cryptocurrency exchanges, expressed his optimism for the future of the industry under a Trump administration, stating that “Americans disproportionately care about crypto and want clear rules of the road for digital assets.”

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