Bitcoin hits all-time high after Trump's election win

Donald Trump’s victory in the U.S. presidential election caused Bitcoin, the world's best-known cryptocurrency, to hit an all-time high. The price of the digital currency reached a high of $75,389.

The coin broke its previous record of $73,797.68, set last March 14, and since then has remained in a narrow range, generally below $70,000, for most of the year.

Bitcoin's price rise was intensifying as Trump widened his lead over Democratic candidate Kamala Harris, as the Republican is considered more friendly to the cryptocurrency industry than his rival.

Trump promised at a campaign event last June that he would "end Joe Biden's war on crypto and we will ensure that the future of crypto and the future of Bitcoin will be made in America."

In addition, billionaire twins Tylor and Cameron Winklevoss, founders of cryptocurrency company Gemini, donated $1 million in Bitcoin each to back former President Donald Trump citing the Republican front-runner's commitment to growing the crypto industry.

Last September, Trump unveiled his new cryptocurrency company, World Liberty Financial and ventured into the digital economic assets market. He launched the company with his two sons, Donald Trump Jr. and Eric Trump, and three other people, including Steve Witkoff, a donor of the Republican candidate and family friend.

Not just cryptocurrencies

Cryptocurrencies weren't the only assets to benefit from Trump's victory. Wall Street futures also saw gains, with the main indexes, such as the S&P 500 and Nasdaq, rising by up to 2.3%.

Futures for the small business index, the Russell 2000, rose by 2.6%.

In addition, there was a rise in yields on the U.S. 10-year Treasury bond, which rose to 4.4%.

The dollar, meanwhile, strengthened to its highest level since 2022. Maximiliano Donzelli, head of investment strategies at financial firm IOL Invertironline, told Argentine newspaper Clarín, "U.S. bond yields are rising, which implies an increase in interest rates, making it more expensive to borrow and raising the value of the dollar against other currencies. In fact, the euro, Mexican peso, Japanese yen and Chinese yuan are depreciating against the dollar."

This data proves that investors are confident that the Trump administration will pursue policies aimed at deregulating the economy.