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The price of bitcoin hit a new high Wednesday and crypto-related shares rallied as investors bet that Donald Trump's victory in the 

Bitcoin jumped nearly 8 percent in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world's second most popular cryptocurrency after bitcoin, which rallied 8 percent.

Another token, dogecoin, rocketed as much as 18 percent. It's the 

 of billionaire Elon Musk, one of Trump's most prominent supporters.

Crypto-related shares outran the rest of the stock market. Coinbase, one of the biggest cryptocurrency exchanges, leaped 17 percent. Online brokerage Robinhood Markets, which offers crypto trading, soared 12 percent and MicroStrategy, which says it is the “largest corporate holder of bitcoin,” jumped 10 percent.

Trump was previously a crypto skeptic but changed his mind and 

 cryptocurrencies ahead of the election.

 of the planet" and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a 

 with family members to trade cryptocurrencies.

“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.

“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. “Because we’ve seen these wild swings in the past.”

Crypto industry players welcomed Trump's victory, in hopes that he would be able to push through legislative and regulatory changes that they've long lobbied for.

Trump had already promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the U.S. government’s 

“Tonight the crypto voter has spoken decisively — across party lines and in key races across the country,” said Coinbase CEO Brian Armstrong . “Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it,” Armstrong posted on X.

Streeter said Trump's administration would most likely pursue “light touch regulation” for the crypto industry.

“Certainly that’s what crypto fans would want," she said. “They want the sheen of legitimacy to be brought to crypto, but they don’t want regulations to be too onerous to stop opportunities and innovation.”

The Associated Press

Author

The price of bitcoin has hit a new high as investors bet that Donald Trump’s victory in the U.S. presidential election will be a boon for cryptocurrencies. 

Trump win ignites crypto frenzy that sends bitcoin to a record high

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