President Donald Trump pardoned Ross Ulbricht, the creator of the drug marketplace Silk Road who is revered by many cryptocurrency enthusiasts and libertarians. “I just called the mother of Ross William Ulbright to let her know,” Mr. Trump wrote in a post on Truth Social, misspelling Ulbricht’s name.

On Wednesday, the price of bitcoin jumped to more than $104,000, following Donald Trump’s announcement of a presidential pardon for Silk Road and bitcoin-libertarian folk hero Ross Ulbricht. The digital asset community also eagerly anticipated a flood of crypto executive orders that would overturn years of perceived regulatory slights.

Cryptocurrency enthusiasts welcomed President Trump’s pardoning of Ross Ulbricht, who had been serving a life sentence without parole for running underground drug bazaar Silk Ro