Bitcoin reaches record high after Trump election win

Bitcoin shot up to a new record high on Sunday after traders successfully predicted Donald Trump’s victory in the 2024 US Presidential Election.

Bitcoin reached an all-time high of $80,000, marking its first time crossing this milestone. The surge followed Donald Trump’s recent win as the Republican candidate, boosting trader confidence that his policies could favor digital currencies.

Bitcoin had already hit $75,000 on Wednesday, surpassing its previous record of $73,798 set in March.

Trump has shifted his stance on cryptocurrencies since his first presidency, where he was skeptical.

Now, he aims to establish the U.S. as a global hub for digital currencies and has expressed plans to involve Elon Musk in auditing government expenditures.

Trump even used Bitcoin recently to make a purchase in New York, marking a historic moment for the former president.

Earlier this month, Trump and his team launched a digital currency platform, World Liberty Financial, though its sales initially struggled.

Meanwhile, the cryptocurrency world continues to experience high volatility, with the rise and fall of major players like the FTX exchange still fresh in public memory.