Bitcoin hit a new high of $75, 345 on Wednesday, rising by about 8%, as investors anticipated that Donald Trump's victory in the U. S. presidential election would be great news for cryptocurrencies. This was a significant turnaround for Trump, who was once skeptical about crypto but later embraced it during his campaign. His shift in viewpoint, coupled with promises to make the U. S. the global crypto capital and set up a bitcoin reserve, fueled the market's excitement.

Traders and investors are now buzzing about whether bitcoin will soon surpass the $100, 000 mark. Russ Mould, an investment director at AJ Bell, says this record high is just the start. He believes Trump's favorable stance towards digital currency has given crypto enthusiasts a new story to boost their optimism about future price levels.

Trump's interest in crypto isn't just talk; he's backing it up with actions. His campaign accepted donations in cryptocurrencies, and he even attended a bitcoin conference in July to connect with crypto fans. Additionally, he launched World Liberty Financial, a new venture with family members aimed at trading cryptocurrencies.

This sudden optimism in the crypto market has traders and analysts wondering how long the boom will last. While some see this as a prolonged bullish trend, others caution against the volatility that cryptocurrencies are known for. The market's excitement is clear, but only time will tell if bitcoin can maintain its incredible momentum.

Bitcoin Boom: Trump's Election Win Sparks Crypto Frenzy

Actions