Cryptocurrencies Surge On News Of Trump Presidential Win

Yolowire 6-Nov-2024 11:11 AM

%Cryptocurrencies are surging on news that Donald Trump has achieved a decisive win in the U.S. presidential election.

The price of %Bitcoin (CRYPTO: BTC) is up more than 5% and briefly hit an all-time high of $75,000 U.S. before pulling back slightly.

Other cryptocurrencies are also rising on news that Trump has won the U.S. presidency, with %Ethereum (CRYPTO: ETH) up 8% and %Solana (CRYPTO: SOL) surging more than 10%.

Meme coins are rising the most on news of a second Trump presidency, with %Dogecoin (CRYPTO: DOGE) increasing more than 20%.

Trump strongly supported cryptocurrencies during his election campaign and investors are betting on increased adoption and less regulation of digital assets under a new Trump term.

Crypto-related stocks are also marching upwards, with the share price of cryptocurrency exchange %Coinbase (NASDAQ:COIN) up 13% and Bitcoin acquirer %MicroStrategy (NASDAQ:MSTR) up 14%.

Crypto mining firms such as %RiotPlatforms (NASDAQ:RIOT) and MARAHoldings (NASDAQ:MARA) are each up more than 10%.

The sharp rise in crypto prices coincides with a surge in stocks.

All three of the major U.S. stock indices are accelerating on news that Trump has won a decisive victory, with the blue-chip Dow Jones Industrial Average up more than 1,200 points.

In the previous 2020 U.S. election, Bitcoin’s price rose 145% in the 90-days immediately after election day.