Bitcoin and Dogecoin prices on the rise post Donald Trump's win
The price of bitcoin scaled a fresh all-time high on Wednesday, soaring above $93,000 as cryptocurrency investors continued to cheer the election victory of Donald Trump. Dogecoin, a meme coin previously backed by Elon Musk, has risen as much as 150% in value since election day. It continued to rise after the president-elect announced that Musk and Vivek Ramaswamy would lead the so-called Department of Government Efficiency (Doge), a new outside advisory group. Bitcoin has surged by more than a third since Trump’s win.
Many of his biggest supporters, such as Musk, have deep ties to the crypto industry – and they are expecting large dividends for their loyalty after his victory. Howard Lutnick, the CEO of Cantor Fitzgerald and co-chair of Trump’s transition team, is a vocal advocate for the sector and is expected by some to fill Trump’s economic team with fellow crypto-friendly appointees. For years, the crypto industry has been fighting efforts under the Biden administration to regulate cryptocurrency, which largely operates in a legal gray area. Gary Gensler, the current chair of the Securities and Exchange Commission, was seen as an opponent.
