Bitcoin Hits Record High of $75000 as Trump Victory Shakes Up Crypto Market

Value has fluctuated between $55,000 and $70,000 over the past several months, but Donald Trump's victory in the US presidential election has shaken up the market.

The value of Bitcoin has soared to a record high of more than $75,000 following the US presidential election.

The world's leading cryptocurrency entered 2024 in a slump, with the value of a single coin hovering near the $40,000 as the calendar rolled over.

The debut of US-listed Bitcoin exchange-traded funds in January had a huge impact on the market and by March, Bitcoin's value had surged to more than $70,000.

Now, the cryptocurrency has reached an all-time high of more than $75,000 in what could be the start of a record run for Bitcoin.

The value of Bitcoin has fluctuated between $55,000 and $70,000 over the past several months, but Donald Trump's victory in the US presidential election has shaken up the market.

AJ Bell analyst Russ Mould told The Guardian just ahead of the election on Tuesday that many investors believed that a Republican win would result in a surge for the cryptocurrency.

Nigel Green from financial advisory group deVere said a Trump win could be the catalyst that pushes the digital currency into uncharted territory.

As the publication highlights, Trump initially viewed cryptocurrencies as a scam but later changed his stance.

Green added that Trump's return to the White House could result in a renewed emphasis on deregulation, tax breaks, and other policies that could favor alternative investments like Bitcoin.

Other cryptocurrencies are also riding the political wave. Ethereum is up eight percent over the last 24 hours, Solana has increased more than 10 percent in the same period, and Dogecoin is up 9.19 percent.

During his campaign, Trump promised to make America the crypto capital of the world. A report from the Associated Press noted plans to create a "strategic reserve" of Bitcoin if elected.

He also spoke at a cryptocurrency conference over the summer, and even accepted cryptocurrency donations during his campaign.