Donald Trump’s first election results are making crypto investors euphoric.Bild: keystone
Bitcoin value climbs to an all-time high on US election night. According to observers, Donald Trump’s good interim results and the prospect of his victory are making crypto investors euphoric.
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On some trading platforms you can get up to 75,000 US dollars for one Bitcoin on Wednesday night – more than ever before. The previous record came from March of this year.
The oldest cryptocurrency has been on a steep rise since the first results were announced. Since midnight (Swiss time) the value has risen from under $70,000 to the aforementioned levels.
There are various theories as to why the price is rising so much. For some observers it is clear: the prospect of another presidency – the initial results are promising from Trump’s perspective – is euphoric for crypto traders. At 4:45 a.m. Swiss time, Trump is clearly ahead of Harris in the important states of Georgia and North Carolina, and has also narrowly taken the lead in Pennsylvania. Fredrick Collins, CEO and founder of crypto data platform VeloData, told YahooFinance about the rising price:
«In my opinion, Bitcoin is one of the best tools to gauge the election tonight. It is relatively liquid and highly tied to earnings. “So you can pretty much assume that any price increase is linked to Trump’s increasing chances of winning.”
Other cryptocurrencies such as Ethereum also increased significantly in value. Even in the run-up to the US election date, there were repeated significant upward swings in the price. In October the price was still hovering around $60,000.
Whether the euphoria among crypto fans is justified and the increase in value is sustainable remains to be seen. The race for the US presidency is still open.
Trump has changed his mind on cryptocurrencies during the current election campaign. After making critical comments during his first term in office, he changed into an alleged crypto fan. He declared that he would fire the head of the US Securities and Exchange Commission, Gary Gensler, on his first day in office. Gensler is skeptical about cryptocurrencies and advocates far-reaching regulations. Trump, on the other hand, promised during the election campaign that he would largely forego restrictions in the crypto market. Harris, on the other hand, has announced that he wants to pursue a moderate path and implement certain regulations in the market.
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