"Thank You Trump" Bitcoin Surpasses $84,000 for the First Time in History

Surpassing $80,000, New All-Time High Set Again in One Day
Cryptocurrency-Related Stocks Including Coinbase Also Surge

Bitcoin has surpassed $84,000 for the first time in history. The surge continues, fueled by the effect of Donald Trump, the President-elect of the United States.

On the 11th, when Bitcoin, the leading cryptocurrency, surpassed $80,000 for the first time ever due to the influence of the US presidential election, Bitcoin price information was displayed on the electronic billboard at the Upbit Customer Center in Gangnam-gu, Seoul. Photo by Kang Jin-hyung

According to Coinbase on the 11th (local time), as of 10:52 AM Eastern Time, Bitcoin is trading at around $83,970, up 5.25% from the previous trading day. During the day, Bitcoin briefly rose 5.6% to $84,360, surpassing $84,000 for the first time ever.

Bitcoin broke through the $75,000 mark for the first time on the 6th, when Trump’s victory was confirmed, setting a new high in about seven months. Then, just four days later on the 10th, it broke through $80,000 for the first time and continued its rapid rise, soaring to $84,000 the next day.

Other cryptocurrencies such as Ethereum are up 0.86%, and Solana is up 2.98%. Cryptocurrency-related stocks are also surging. Coinbase, a U.S. cryptocurrency exchange, is up 17.25%, and Marathon Digital Holdings, a cryptocurrency mining company, has soared 21.97%.

Cryptocurrencies, including Bitcoin, are representative assets of the "Trump Trade," where money flows into investments expected to benefit from Trump’s victory. Earlier, during his candidacy, Trump dismissed Gary Gensler, chairman of the Securities and Exchange Commission (SEC), who held a negative stance on cryptocurrencies, and announced plans to make the U.S. the cryptocurrency capital, signaling a crypto-friendly policy.

Le Shi, Managing Director of Aurus Hong Kong, said, "Considering Trump’s favorable view of cryptocurrencies and the fact that the aftermath of his victory has not yet settled, the surge in cryptocurrencies is only a matter of time," adding, "We are seeing it now."