Published 6 November 2024 at 09.47
Economics. Bitcoin hits new highs, hitting previous highs as markets react to expectations of Trump victory in US presidential election.
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Cryptocurrency Value has risen towards approximately 75,000 dollars. The previous record of $73,000, which was set in March, has thus been broken.
Donald Trump and the Republican Party have during the summer expressed strong support for cryptocurrencies, which led to massive financial backing from the “industry”.< /p>
Also other cryptocurrencies such as Ethereum, Solana and Dogecoin are now seeing significant gains. Tech billionaire Elon Musk, a longtime proponent of Dogecoin, helped drive up the cryptocurrency's value — especially after his statements that he wants to start a “Department of Government Efficiency” under a Trump administration.
Also stocks in companies such as Coinbase and MicroStrategy, whose performance is strongly linked to Bitcoin, take advantage of the situation and increase in value.