The cryptocurrency market had a resounding response to the results of Tuesday’s U.S. presidential elections. With the new U.S. president being considered a proponent of crypto assets, cryptocurrencies soared in value across the board, including Bitcoin, which reached a new record.
The expectation is that the new administration will take a more friendly approach to cryptocurrencies and other digital assets and pave the way for their regulation.
Bitcoin, the world’s most valuable cryptocurrency, improved by 10% on Wednesday, surpassing the $75,000 mark for the first time ever. It traded at $75,954.04, its all-time high price, at one point before the rally eased up. The coin is now 72% up year-to-date.
Several other crypto coins also saw a significant surge in price. Ether, which is the world’s second most valuable cryptocurrency, had a gain of 12% and traded at $2,686.42 at its peak. Meme coin Dogecoin, famously backed by Tesla CEO Elon Musk, has jumped by more than 16%.
Companies that are tied to the cryptocurrency market have also benefited from the rally. The stocks of crypto exchange Coinbase have jumped by more than 30%, while the shares of online brokerage app Robinhood Markets, which recently introduced crypto trading to its platform, increased by 19% in value. Additionally, business intelligence firm MicroStrategy, the world’s largest corporate Bitcoin holder, saw its stock rise by 14%.