After former President Donald Trump won the 2024 presidential election over Vice President Kamala Harris, the cryptocurrency Bitcoin hit a record high, surpassing $88,000 in price.
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On Monday (November 11) — five days after Donald Trump was named the official winner of the 2024 election — CNBC reported that Bitcoin hit a record high, surpassing, $89,000 in price. CNBC reported that the cryptocurrency rose more than 12 percent at $89,174, according to Coin Metrics, and then later rose to a new high of $89,623. Meanwhile, The New York Times reported on Monday that Bitcoin rose more than 10 percent to above $88,700, days after Donald Trump’s election win.
With Trump as the soon-to-be president, it’s speculated that the rise in crypto, stocks, and other currencies is due to investors now expecting some business-friendly policies under a second Trump administration. Policies that would include tax cuts, lighter regulation, and more lenient securities laws target cryptocurrencies. While asset prices usually increase after major events like presidential elections, the sharp rise in prices for crypto, stocks, and other currencies following Donald Trump’s election win is noteworthy.
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According to The New York Times, this is being called the “Trump trade.” Andrew Brenner, head of international fixed income at NatAlliance Securities also highlighted that “it has gone parabolic.” It’s also noted that during his presidential campaign, Donald Trump announced a slew of promises to the cryptocurrency industry, including making the U.S. the “crypto capital of the planet.” Weeks before the election, Trump promoted a crypto venture, World Liberty Financial, which has employed several members of his family.
The Times also noted that in addition to Bitcoin rising in price over the past week since Donald Trump’s election win, the S&P 500 rose 0.1 percent to close above 6,000 for the first time, and the Dow Jones Industrial Average rose 0.7 percent to close at 44,293, a new high.
CNBC also reported that in addition to Bitcoin hitting a record high after Donald Trump’s election win, other major stock indexes set records on Monday, like Ether, which was up more than 7 percent to $3,371.79. This followed a 30 percent gain within the last week that pushed the price back over the $3,000 mark over the weekend.
CNBC also reported that another cryptocurrency, Cardano rose 4.7 percent and Dogecoin continued to rise, up almost 24 percent. On Monday, Coinbase closed up 19.8 percent and MicroStrategy rose more than 25.7 percent.
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