Bitcoin hits record as traders bet Trump’s victory will boost crypto

The price of bitcoin hit a new high on Wednesday as investors bet that former President Donald Trump’s victory in the US presidential election will be a boon for cryptocurrencies.

Bitcoin jumped nearly 8% to a record $75,345 in early trading, before falling back to about $73,500.

Trump was previously a crypto sceptic but changed his mind and took a favourable view of cryptocurrencies ahead of the election.