Bitcoin spikes to record as traders expect Trump's victory to boost cryptocurrencies

The price of bitcoin has hit a new high as investors bet that former President Donald Trump’s victory in the U.S. presidential election will be a boon for cryptocurrencies.. Bitcoin jumped nearly 8% to a record $75,345 in early trading on Wednesday before falling back a bit. Trump has taken a favorable view of cryptocurrencies. He has pledged to make America “the crypto capital of the planet” and create a strategic reserve of bitcoin. Ahead of the election, he also launched a new venture to trade cryptocurrencies called World Liberty Financial.