All-time high Is Trump launching the next crypto boom?
Donald Trump has turned from a Bitcoin critic to a staunch supporter during the election campaign. Following his probable election victory, crypto investors are now hoping for golden times.
06.11.2024, 11:28
dpa
Bitcoin has risen to a record high of just over 75,000 dollars following the US elections. On the Bitstamp platform, the price climbed to 75,080 dollars after the polls closed. The oldest and best-known cryptocurrency has never been so expensive. Bitcoin had reached its previous all-time high on March 13, 2024 with a price of USD 73,738. The likely election winner Donald Trump was the favorite of the majority of the crypto community.
Not above 75,000 dollars for long
Bitcoin was unable to hold the level above 75,000 dollars for long, as a number of investors took the opportunity to take profits. On Monday morning, one Bitcoin cost just under 73,000 dollars, around 4,000 dollars or a good five percent more than late Tuesday evening.
In the US presidential election, Trump had declared himself the winner early in the morning. After the first counts, the Republican candidate led his rival Kamala Harris by a margin that was almost impossible to catch up on. According to initial counts, the 78-year-old had won the US states of North Carolina, Pennsylvania and Georgia, among others, which were important for the outcome of the election.
Trump courted the crypto community
Trump had made very negative comments about Bitcoin during his presidency (2016-2020). In the current battle for votes, however, the former US president actively courted the crypto community. During the election campaign, he accepted donations in various cryptocurrencies such as Bitcoin, Ether, Dogecoin and Solana.
At a major Bitcoin conference in Nashville, Trump promised to leave the crypto market largely unregulated and to provide cheap electricity for calculating new Bitcoin coins ("mining").
On election night, the second most important cryptocurrency, ether, also rose by around 6%. However, unlike Bitcoin, the digital coin on the Ethereum blockchain is still a long way off its all-time high. Ether's highest price was USD 4,878 and was reached on November 10, 2021. The current price is just under 2,600 dollars.
