The price of Bitcoin (BTC) has risen 7% and reached an all-time high of $75,000 U.S. on news that Donald Trump has been re-elected president of the United States.
Bitcoin’s price touched a record $75,000 U.S. in overnight trading as it became clear that Trump has retaken the White House.
The price of Bitcoin has since pulled back slightly and is currently trading at $74,200 U.S., though it is still up more than 5%.
Trump strongly supported cryptocurrencies during his election campaign. Investors are betting on increased adoption and less regulation of digital coins and tokens under a Trump presidency.
Other cryptocurrencies are also rising on news that Trump has won the U.S. presidency, with Ethereum (ETH) surging 8% and Solana’s price (SOL) up 11%.
Meme coins are also marching higher on news of a second Trump presidency, with Dogecoin (DOGE) up more than 20%.
Crypto-related stocks are also climbing, with the share price of cryptocurrency exchange Coinbase (COIN) up 13% and Bitcoin acquirer MicroStrategy’s (MSTR) stock up 14%.
In the previous 2012, 2016 and 2020 U.S. elections, Bitcoin’s price rose 87%, 44%, and 145% in the 90-days immediately after election day.
