yolowire.com - Cryptocurrencies are surging on news that Donald Trump has achieved a decisive win in the U.S. presidential election.
The price of Bitcoin (CRYPTO: BTC) is up more than 5% and briefly hit an all-time high of $75,000 U.S. before pulling back slightly.
Other cryptocurrencies are also rising on news that Trump has won the U.S. presidency, with Ethereum (CRYPTO: ETH) up 8% and Solana (CRYPTO: SOL) surging more than 10%.
Meme coins are rising the most on news of a second Trump presidency, with Dogecoin (CRYPTO: DOGE) increasing more than 20%.
Trump strongly supported cryptocurrencies during his election campaign and investors are betting on increased adoption and less regulation of digital assets under a new Trump term.
Crypto-related stocks are also marching upwards, with the share price of cryptocurrency exchange Coinbase (NASDAQ: NASDAQ:COIN) up 13% and Bitcoin acquirer MicroStrategy (NASDAQ: MSTR) up 14%.
Crypto mining firms such as RiotPlatforms (NASDAQ: RIOT) and MARAHoldings (NASDAQ: MARA) are each up more than 10%.
The sharp rise in crypto prices coincides with a surge in stocks.
All three of the major U.S. stock indices are accelerating on news that Trump has won a decisive victory, with the blue-chip Dow Jones Industrial Average up more than 1,200 points.
In the previous 2020 U.S. election, Bitcoin’s price rose 145% in the 90-days immediately after election day.