Bitcoin Price Crosses $75,000 After Trump’s Victory

Bitcoin (BTC), the world’s largest cryptocurrency by market capitalisation, reached a new all-time high on Wednesday, surpassing the $75,000 mark for the first time. The cryptocurrency gained 8.63 per cent in just 24 hours, briefly hitting a peak of $75,011.06, according to data from CoinMarketCap, a cryptocurrency price-tracking website. However, the price later dipped to $73,803 at 11:40 PM (GMT).
This marks a significant milestone for Bitcoin, surpassing its previous all-time high of $71,195, which was recorded on March 11 of this year. The surge in Bitcoin’s price is part of a broader trend in the global cryptocurrency market, which saw its market capitalization rise to $2.45 trillion after an increase of over $190.4 billion in the past 24 hours.
Other cryptocurrencies also experienced notable gains. Ethereum (ETH) saw an increase of 7.51 percent, rising to $2,618, while Solana (SOL) surged by 14 percent, reaching $184. Dogecoin (DOGE) saw an even larger jump, with a 19 percent increase.
The timing of the Bitcoin surge coincides with reports that Donald Trump, the Republican Party candidate, won the U.S. presidential election after securing more than 270 electoral college votes. In May 2024, the Trump campaign had announced that supporters could make donations in cryptocurrency, including Bitcoin, Ethereum, and Dogecoin, signaling that cryptocurrency could play a significant role during the election.
Additionally, Trump’s promotion of World Liberty Financial, a crypto venture set up by his business partners, has further increased attention on the industry. The venture recently began selling its tokens to qualified investors, aiming to raise $300 million, according to the Financial Times.
The growing intersection of politics and cryptocurrency, combined with ongoing market momentum, has likely contributed to Bitcoin’s record-breaking price surge.