{"id":4849,"date":"2024-11-07T08:00:00","date_gmt":"2024-11-07T07:00:00","guid":{"rendered":"https:\/\/natixis.ezine.intercountry.com\/?p=4849"},"modified":"2024-11-07T08:00:26","modified_gmt":"2024-11-07T07:00:26","slug":"trump-win-ignites-crypto-frenzy-that-sends-bitcoin-to-a-record-high","status":"publish","type":"post","link":"https:\/\/natixis.ezine.intercountry.com\/index.php\/2024\/11\/07\/trump-win-ignites-crypto-frenzy-that-sends-bitcoin-to-a-record-high\/","title":{"rendered":"Trump win ignites crypto frenzy that sends bitcoin to a record high"},"content":{"rendered":"\n<p><strong><span style=\"color:#581d74\" class=\"has-inline-color\">Read time :  2 mins <\/span><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-left\"><span style=\"color:#4270bd\" class=\"has-inline-color\"><strong>Level : Intermediate<\/strong><\/span><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft size-large is-resized\"><img loading=\"lazy\" src=\"https:\/\/natixis.ezine.intercountry.com\/wp-content\/uploads\/2024\/11\/AP24311430599638.jpg\" alt=\"\" class=\"wp-image-4851\" width=\"395\" height=\"263\" srcset=\"https:\/\/natixis.ezine.intercountry.com\/wp-content\/uploads\/2024\/11\/AP24311430599638.jpg 1024w, https:\/\/natixis.ezine.intercountry.com\/wp-content\/uploads\/2024\/11\/AP24311430599638-300x200.jpg 300w, https:\/\/natixis.ezine.intercountry.com\/wp-content\/uploads\/2024\/11\/AP24311430599638-768x512.jpg 768w\" sizes=\"(max-width: 395px) 100vw, 395px\" \/><figcaption>FILE -Republican presidential candidate <span class=\"tooltipsall tooltipsincontent classtoolTips712\">former<\/span> President Donald <sub>Trump speaks at the Bitcoin 2024 Conference, July 27, 2024, in Nashville, Tenn. (AP Photo\/Mark Humphrey, File)<\/sub><\/figcaption><\/figure><\/div>\n\n\n<p>By KELVIN CHAN AP Business Writer<\/p>\n<p>LONDON (AP) \u2014 The price of bitcoin hit a new high Wednesday and crypto-related shares rallied as investors bet that <span class=\"tooltipsall tooltipsincontent classtoolTips712\">former<\/span> President Donald Trump&#8217;s victory in the U.S. presidential election will be a boon for cryptocurrencies.<\/p>\n<p>Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also <span class=\"tooltipsall tooltipsincontent classtoolTips636\">soared<\/span>, including ether, the world&#8217;s second most popular cryptocurrency after bitcoin, which rallied 8%.<\/p>\n<p>Another token, dogecoin, rocketed as much as 18%. It&#8217;s the favorite cryptocurrency of billionaire Elon Musk, one of Trump&#8217;s most prominent supporters.<!--more--><\/p>\n<p>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, <span class=\"tooltipsall tooltipsincontent classtoolTips636\">soared<\/span> 12% and MicroStrategy, which says it is the &#8220;largest corporate holder of bitcoin,&#8221; jumped 10%.<\/p>\n<p>Trump was previously a crypto skeptic but changed his mind and embraced cryptocurrencies ahead of the election.<\/p>\n<p>He has <span class=\"tooltipsall tooltipsincontent classtoolTips509\">pledged<\/span> to make America &#8220;the crypto capital of the planet&#8221; and create a &#8220;strategic reserve&#8221; 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.<\/p>\n<p>Bitcoin is up 77% this year.<\/p>\n<p>&#8220;Bitcoin is the one asset that was always going to <span class=\"tooltipsall tooltipsincontent classtoolTips862\">soar<\/span> if Trump returned to the White House,&#8221; said Russ Mould, investment director at AJ Bell, a British online investment platform. After touching its new high, the market is now speculating about &#8220;when, not if, it will smash through $100,000,&#8221; he said.<\/p>\n<p>&#8220;Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go,&#8221; Mould said.<\/p>\n<p>But other experts warned of the risks.<\/p>\n<p>&#8220;Investors should only dabble in crypto with money that they can be prepared to lose,&#8221; said Susannah Streeter, <span class=\"tooltipsall tooltipsincontent classtoolTips838\">head<\/span> of money and markets at Hargreaves Lansdown. &#8220;Because we&#8217;ve seen these wild swings in the past.&#8221;<\/p>\n<p>Crypto industry players <span class=\"tooltipsall tooltipsincontent classtoolTips328\">welcomed<\/span> Trump&#8217;s victory, in hopes that he would be able to push through legislative and regulatory changes that they&#8217;ve long lobbied for.<\/p>\n<p>Trump had already promised that, if elected, he would remove the chair of the Securities and Exchange Commission, Gary Gensler, who has been leading the U.S. government&#8217;s <span class=\"tooltipsall tooltipsincontent classtoolTips238\">crackdown<\/span> on the crypto industry.<\/p>\n<p>&#8220;Tonight the crypto voter has spoken decisively \u2014 across party lines and in key races across the country,&#8221; said Coinbase CEO Brian Armstrong . &#8220;Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it,&#8221; Armstrong posted on X.<\/p>\n<p>Streeter said Trump&#8217;s administration would most likely pursue &#8220;light touch regulation&#8221; for the crypto industry.<\/p>\n<p>&#8220;Certainly that&#8217;s what crypto fans would want,&#8221; she said. &#8220;They want the sheen of legitimacy to be brought to crypto, but they don&#8217;t want regulations to be too onerous to stop opportunities and innovation.&#8221;<\/p>\n<p>___<\/p>\n<p>Associated Press writer Danica Kirka contributed to this report.<\/p><script type=\"text\/javascript\"> toolTips('.classtoolTips238','r\u00e9pression'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips328','a\/ ont accueilli'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips449','devrait\/ devraient'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips509','a\/ ont promis'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips631','engagement'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips636','est\/ sont mont\u00e9\/e\/ s en fl\u00e8che'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips712','ancien, pr\u00e9c\u00e9dent'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips740','difficile, dur'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips827','br\u00e8che'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips836','d\u00e9sastreux(se)\/ grave'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips838','dirige(nt)\/ t\u00eate'); <\/script><script type=\"text\/javascript\"> toolTips('.classtoolTips862','monter en fl\u00e8che'); <\/script>","protected":false},"excerpt":{"rendered":"<p>Read time : 2 mins Level : Intermediate By KELVIN CHAN AP Business Writer LONDON (AP) \u2014 The price of bitcoin hit a new high Wednesday and crypto-related shares rallied as investors bet that former President Donald Trump&#8217;s victory in the U.S. presidential election will be a boon for cryptocurrencies. Bitcoin jumped nearly 8% in <a class=\"more-link\" href=\"https:\/\/natixis.ezine.intercountry.com\/index.php\/2024\/11\/07\/trump-win-ignites-crypto-frenzy-that-sends-bitcoin-to-a-record-high\/\">Continue reading <i class=\"fa fa-chevron-right\"><\/i><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,6],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/natixis.ezine.intercountry.com\/index.php\/wp-json\/wp\/v2\/posts\/4849"}],"collection":[{"href":"https:\/\/natixis.ezine.intercountry.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/natixis.ezine.intercountry.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/natixis.ezine.intercountry.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/natixis.ezine.intercountry.com\/index.php\/wp-json\/wp\/v2\/comments?post=4849"}],"version-history":[{"count":2,"href":"https:\/\/natixis.ezine.intercountry.com\/index.php\/wp-json\/wp\/v2\/posts\/4849\/revisions"}],"predecessor-version":[{"id":4853,"href":"https:\/\/natixis.ezine.intercountry.com\/index.php\/wp-json\/wp\/v2\/posts\/4849\/revisions\/4853"}],"wp:attachment":[{"href":"https:\/\/natixis.ezine.intercountry.com\/index.php\/wp-json\/wp\/v2\/media?parent=4849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/natixis.ezine.intercountry.com\/index.php\/wp-json\/wp\/v2\/categories?post=4849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/natixis.ezine.intercountry.com\/index.php\/wp-json\/wp\/v2\/tags?post=4849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}