Bitcoin reaches record high as investors bet on Trump win
Early US election projections show Trump winning 15 states, with Kamala Harris capturing seven states and Washington, D.C., although the final results remain too close to call.
Bitcoin reached a record peak in Asian trading, rising 7% to $75,060, as anticipation grew for Donald Trump’s return to the White House. Investors are betting on a softer regulatory stance towards cryptocurrencies, which they see as more likely under a Trump administration. Early election projections showed Trump winning 15 states, while Kamala Harris captured seven and Washington, D.C., but the final result remained too close to call.
Matthew Dibb of Astronaut Capital said the market’s reaction suggests a belief that a shift in the US Securities and Exchange Commission’s attitude under Trump could remove some barriers to cryptocurrency growth. He noted that a Democrat win might have signalled a short-term setback for crypto, although perhaps not in the long run. Alongside Bitcoin, Ether also saw gains, increasing 7.5% to $2,593, though it still trails its 2021 high of $4,867.
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