The cryptoasset market has surged these past few weeks, fuelled no doubt by the electoral victory of the newly pro-crypto Donald Trump and the elevation of longtime blockchain advocate Elon Musk to presidential confidant.
Musk’s preferred coin Doge, for which his unofficial cabinet role as head of the Department of Government Efficiency was named, jumped from $0.16 on the day of the election to almost $0.40 and counting.
Meanwhile Bitcoin has reached an all-time high, surging past $95,000 in value.
The global crypto industry is licking its lips at the prospect of Trump and Musk dismantling the regulatory regime established under President Joe Biden.
This may be bad news for institutions like Starling Bank and Chase UK which have banned customers from buying and selling the digital assets over fears of fraud, but for backers of recently established listed crypto investment instruments, the celebrations may have just begun.
In May, the London Stock Exchange welcomed the UK’s first listed Bitcoin and Ethereum instruments that provide returns to investors based on the performance of certain cryptoassets.
UKTN has looked to see how the London Stock Exchange’s GBP Bitcoin exchange-traded products have performed since the day of the US election on 5 November.
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