Bitcoin’s price soared to an all-time high of $75,255 on Tuesday night as early US presidential election results came in. Former President Donald Trump initially led in the Electoral College.
According to the Associated Press, Bitcoin saw a 7.7% increase in value, while stock prices and bond yields also experienced notable gains, reflecting expectations of potential market shifts based on the election’s outcome.
Cryptocurrency investors are closely monitoring the race, with analysts suggesting that a Trump win could further boost Bitcoin and other digital currencies.
Trump is seen as more favorable to financial markets due to his previous hands-off regulatory approach.
Although he had previously criticized cryptocurrencies, he has since rebranded himself as a pro-crypto advocate, even launching his own crypto venture, World Liberty Financial.
In contrast, Vice President Kamala Harris has yet to clarify her position on cryptocurrency.
The Biden administration is viewed by many in the crypto industry as adopting a more restrictive stance, according to a recent Bankrate report.
Some investors believe a Harris victory could bring cautious regulations on cryptocurrencies, potentially leading to a drop in Bitcoin’s value.
The election’s impact extended beyond Bitcoin, with Ether, the cryptocurrency of the Ethereum blockchain, rising 7.2% to $2,576.
Market analysts predict continued volatility in cryptocurrency trading until the final election results are confirmed.
Global crypto enthusiasts and traders are keenly watching the situation, with many speculating that a second Trump term could lead to more relaxed regulatory oversight in the industry. For now, the market remains uncertain, with Bitcoin prices expected to fluctuate as the election outcome unfolds.
