Bitcoin a new record high during Asian trading hours as investors leaned toward the possibility of Donald Trump winning the United States presidential election.
The largest cryptocurrency rose by 7% to reach $75,060, surpassing its peak from March. Many view Trump’s potential return to the White House as a signal for a more lenient stance on cryptocurrency regulations.
Edison Research projected that Republican Trump secured 15 states, while Democrat Kamala Harris won seven states and Washington, DC. Although it was still too early to determine the outcome of the race, financial markets began to react during the Asia session, pricing in a victory for the former president.
Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital, indicated that markets were anticipating a shift in the U.S. Securities and Exchange Commission’s approach, which could ease constraints on crypto innovation and speculation.
“A Democrat victory would have felt like a short-term setback,” he noted. “While it might not have been the case in the long run, the market is placing significant weight on this possibility.”
Meanwhile, smaller cryptocurrency ether also experienced a rise of 7.5%, reaching $2,593, although it remained significantly below its 2021 high of $4,867.
