Bitcoin price hits record high following Trump's win

The price of bitcoin hit a new high Wednesday and crypto-related shares rallied as investors bet that former President Donald Trump’s victory in the U.S. presidential election will be a boon for cryptocurrencies, Azernews reports.

Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world’s second most popular cryptocurrency after bitcoin, which rallied 8%.

Another token, dogecoin, rocketed as much as 18%. It’s the favorite cryptocurrency of billionaire Elon Musk, one of Trump’s most prominent supporters.

Crypto-related shares outran the rest of the stock market. Coinbase, one of the biggest cryptocurrency exchanges, leaped 17%. Online brokerage Robinhood Markets, which offers crypto trading, soared 12% and MicroStrategy, which says it is the “largest corporate holder of bitcoin,” jumped 10%.

Trump was previously a crypto skeptic but changed his mind and embraced cryptocurrencies ahead of the election.

He has pledged to make America “the crypto capital of the planet” and create a “strategic reserve” of bitcoin. His campaign accepted donations in cryptocurrency and he courted crypto fans at a bitcoin conference in July. He also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.

Bitcoin have shown 77% rise this year.