Bitcoin surged to a record high during Asian trading as investors bet on Donald Trump winning the U.S. presidential election.
The world’s largest cryptocurrency rose 7% to $75,060, surpassing its March peak, with Trump’s potential return to the White House seen as likely to bring a more lenient approach to cryptocurrency regulation.
Republican Trump secured wins in 15 states, while Democrat Kamala Harris captured seven states and Washington, D.C., according to Edison Research projections. Although the race remained too close to call, financial markets in Asia began pricing in a possible Trump victory.
Matthew Dibb, Chief Investment Officer at cryptocurrency asset manager Astronaut Capital, noted that markets anticipate a shift in the U.S. Securities and Exchange Commission’s stance, which could remove a “choke point for crypto innovation and speculation.”
“A Democrat win would have felt like a short-term nail in the coffin,” Dibb said. “Probably not the case long term, but the market is placing high importance on it.”
Alongside Bitcoin’s rise, smaller cryptocurrency Ether also saw gains, jumping 7.5%. However, it remained well below its 2021 high of $4,867, trading at $2,593.