Bitcoin surged to a new all-time high of $75,000 on U.S. election day as results showed Republican candidate Donald Trump gaining momentum. The cryptocurrency gained 9.32% in a single day, with BTC trading at around $74,717 by the morning.
The surge was attributed to rising optimism among investors as Trump extended his lead over Kamala Harris in early election results.
Traders believe a Trump presidency could be bullish for the crypto market, given his crypto-friendly stance, especially compared to Harris, who is seen as less supportive of digital currencies.
In addition to the election results, the spike in Bitcoin’s price was fueled by the liquidation of bearish bets against the cryptocurrency.
As the election news unfolded, Bitcoin saw renewed demand, particularly in U.S. markets, where it was trading at a premium on exchanges like Coinbase.
Meanwhile, Dogecoin (DOGE) also saw a significant jump, up 20% since Tuesday, continuing its rally driven by endorsements from tech entrepreneur Elon Musk.
As both Bitcoin and Dogecoin surged, the broader crypto market showed strong growth, especially in dog-themed tokens.
The price surge reflects growing confidence in the crypto market as political uncertainty unfolds, with Bitcoin reaching its highest value ever amidst this backdrop.
