Bitcoin Hits Record High Amid Election Results

Bitcoin surged to a record high on Wednesday as early vote counting showed Donald Trump leading the 2024 presidential elections, raising hopes for favorable regulations.

The world’s leading cryptocurrency jumped nearly 10% to a record high of $75,071.8.

Broader cryptocurrency prices also increased, with the second-largest crypto, Ether, rising 9.1% to $2,622.90. Dogecoin, a meme token, surged 23% as speculation emerged that Elon Musk referenced the token during Trump's recent campaigning.

Trump Leads Harris with Key Swing State Wins

Crypto prices spiked as of 01:14 ET (06:14 GMT) with Trump ahead, securing 247 electoral votes against Kamala Harris's 210 votes. Reports indicated Trump won crucial battleground states, including North Carolina and Georgia, and was leading in Pennsylvania, Arizona, Nevada, and Wisconsin.

The Republican party also secured a Senate majority and was leading in the House of Representatives. A Republican sweep in Congress could pave the way for significant policy changes under Trump.

Crypto markets responded positively to the potential of a Trump presidency due to his pro-crypto campaign stance and promises of friendly regulations for the industry. On the policy front, Trump is expected to pursue inflationary measures, supported by his protectionist views on trade and immigration, causing the dollar to rise to near four-month highs.

Despite a stronger dollar, Bitcoin maintained its momentum as markets prepared for an upcoming Federal Reserve meeting, where a 25 basis point rate cut is anticipated. However, the long-term interest rate outlook appeared less dovish following the Trump victory.

Crypto Price Today: Altcoins Track Bitcoin Rally, But Record Highs Elusive

Broader cryptocurrency prices also increased in response to Bitcoin's surge, though most altcoins remained below their record highs. SOL rose 16.8% to a two-month peak, ADA increased by 10% to a two-week high, MATIC rallied 10% but remained near all-time lows, and XRP climbed 5.8% to reach a two-week peak.