Bitcoin hits all-time high after Trump’s victory as analysts eye $200,000

Bitcoin rose to a record high yesterday following Donald Trump’s election victory.

The cryptocurrency’s price peaked at $75,372 after Republican rival Kamala Harris edged ahead to secure the US presidency.

Analysts predict that the digital currency could break the $100,000 mark by the end of the year.

Crypto experts and enthusiasts believe Trump will usher in a softer line on regulation for the sector.

He has spoken out in favor of digital assets since the start of his election campaign, declaring that he would make the US “the crypto capital of the planet.”

As a candidate, Trump sent bullish signals to the market about embracing digital currencies, including building a strategic reserve of Bitcoin.

“Bitcoin is the one asset that was always going to soar if Trump returned to the White House,” said Russ Mold of financial platform AJ Bell.

Traders were “employed to speculate when, not if, it would break $100,000.”

He added: “Trump has already expressed his love for the digital currency and crypto traders now have a new story to get even more excited about where the price could go.”

Neal Keane, head of global sales trading at financial group ADSS, said Bitcoin is on track to reach $100,000 by the end of this year.

Standard Chartered analysts were even more optimistic, expecting $125,000 by the end of 2024 and even suggesting $200,000 by the end of 2025.