Investors betting that Donald Trump’s incoming administration will be a boon for the cryptocurrency industry drove the price of bitcoin to a new record on Monday, while the dollar advanced to a four-month high.
The world’s largest cryptocurrency, which has hit a series of record highs since the November 5 election, surged more than 10 per cent to surpass $88,000 for the first time, as the Republican party looked increasingly likely to take control of the House of Representatives, having already won a majority in the Senate.
Bitcoin was just one of the assets that jumped in continued market elation following Trump’s election victory last week. Tesla gained 9 per cent, cryptocurrency exchange Coinbase lept 19.8 per cent and broker Robinhood added 7.4 per cent. The total value of the global crypto market rose above $3tn for the first time in three years, according to crypto data provider CoinGecko.