- Bitcoin traded at $84,543, up 5.12% in the past day and 22.32% in the past week
- The crypto market reacted immediately after feelers showed that Trump was on the way to winning the presidential election
- Trump has not hidden his support for the crypto industry and has promised that it will have a good day in the US during his presidency
The price of Bitcoin, the world’s number one cryptocurrency, surged this afternoon past the $84,000 mark amid a renewed bull run buoyed by Donald Trump's victory in the just-conducted US presidential election.
At the time of writing, Bitcoin was trading at $84,543, up 5.12% in the past day and 22.32% in the past week. The market cap was $1.67 trillion, up 5.32% in the past day, while the trading volume was $88.64 billion, up 41.95% in the past day.
Bitcoin price movement in the past week. Source: Coinmarketcap.
The crypto market reacted immediately after feelers showed that Trump was on the way to winning the presidential election and took a full bull swing when it became obvious that Trump had become the president-elect.
Trump has not hidden his support for the crypto industry and has promised that it will have a good day in the US during his presidency. He raised campaign funds via crypto and attended the Bitcoin conference, where he spoke and empathised that the remaining bitcoin should be mined in the US.
The bull has been market-wide: Coins like Dogecoin, a popular meme coin supported by Trump supporter and the world's richest man, Elon Musk, and Solana have seen significant upward movement. In the past week, Dogecoin has appreciated by 101.22% to $0.3204, while Solana has appreciated by 33.75%, trading at $218.26 at the time of writing, according to data from Coinmarketcap.
“With the dust from Trump’s victory still settling down, it was only a matter of time before a run-up of some sort occurred given the perception of Trump being pro-crypto, and that’s what we’re seeing now,” Le Shi, Hong Kong managing director at market-making firm Auros said via Bloomberg.
The bull run has also spilt over to crypto-related companies: shares of Bitcoin proxy MicroStrategy and US crypto exchange Coinbase each jumped around 17%. Crypto miners MARA Holdings and Riot Platforms climbed 22% and 18%, respectively, according to Bloomberg.
Report: How MrBeast made $23 million from promoting crypto scam schemes
Meanwhile, TheRadar earlier reported that a new report by researchers has revealed how one of the world’s biggest celebrities and the star with the most subscribed Youtube account, MrBest, earned $23 million in crypto.
The report, published by a relatively unknown crypto researcher Loock.io, said MrBest made the money “from a multitude of scams, shady deals, and his network.”
