Crypto short trades looked set for a further hammering on Monday as most cryptocurrency-related stocks jumped in U.S. premarket trading. Among them, Coinbase was last up close to 16%, tracking the surge in bitcoin prices.

Since Donald Trump’s reelection, Bitcoin has surged to its highest value ever, surpassing $89k per coin on Tuesday. It’s a trend playing out across cryptocurrency, an industry that could benefit from deregulation under President Trump.

Experts had previously predicted that Trump's victory in the election would result in cryptocurrency markets skyrocketing because of his economic policies.

The price of bitcoin has risen over $80,000 for the first time following the president-elect's win over Kamala Harris last week.

Di price of bitcoin don rise above $80,000 (£62,000) for di first time ever, after Donald Trump victory for di US election last week. E come as di Republicans dey closer to overall control of Congress after dem secure di presidency and a majority for di Senate.