Crypto shares jumped in overnight trading. MicroStrategy, Coinbase rose about 15%; Bit Digital, Riot Platforms, CleanSpark rose over 14%.
The original cryptocurrency rose more than 8%, rising above $75,000. That topped the March record set during the euphoria that followed the launch of US spot-Bitcoin exchange-traded funds.
Fox News projected that Republican Donald Trump has won the U.S. presidency, defeating Democrat Kamala Harris and capping a stunning political comeback four years after he left the White House. Other media outlets have yet to call the race.
The world's largest cryptocurrency has received a shot in the arm lately after Trump embraced it as part of his election campaign - a marked departure from President Joe Biden's current government which has cracked down on the sector.
Trump in July made an appearance at the annual Bitcoin Conference where he said he wanted to turn the U.S. into the "crypto capital of the planet and the bitcoin superpower of the world." The former U.S. President also said he would hold the cryptocurrency in a strategic national stockpile if re-elected.
Trump this year became the first-ever major U.S. party nominee to accept donations in bitcoin and other crypto assets.
Bitcoin and the crypto industry in general has received a lot of attention in 2024. At the start of this year, the U.S. Securities and Exchange Commission provided a boost after its long-awaited approval of spot bitcoin exchange-traded products.
Not long after, bitcoin surged to a record high north of $73,000 in March, though it retreated after its last halving on April 19.
Here are some bitcoin backed exchange-traded funds of interest: $(IBIT)$, $(ARKB)$, $(GBTC)$, $(BRRR)$, $(BTCO)$, $(HODL)$, $(BTCW)$, $(FBTC)$, $(BITB)$, and $(EZBC)$.