Investing.com– Bitcoin surged to a record high on Wednesday as early vote counting showed Donald Trump well ahead in the 2024 presidential elections, boosting hopes for more friendly regulation.
The world’s biggest cryptocurrency surged nearly 10% to a record high of $75,071.8.
Broader crypto prices also rallied, with world no.2 crypto Ether rising 9.1% to $2,622.90. Meme token Dogecoin surged 23%, amid speculation that Elon Musk had referenced the token during recent campaigning for Trump.
Trump leads Harris with key swing state wins
Crypto prices shot up as vote counting as of 01:14 ET (06:14 GMT) showed Trump in the lead with 247 electoral votes, while Kamala Harris held 210 votes.
Coverage by the Associated Press showed Trump won key battleground states North Carolina and Georgia, and was leading in other swing states including Pennsylvania, Arizona, Nevada and Wisconsin.
The Republican party won a majority in the Senate, and was also seen leading in the House of Representatives. A Republican sweep in Congress presents a clear path for Trump to enact major policy changes.
Crypto markets cheered the prospect of a Trump presidency, given that he has maintained a largely pro-crypto stance in campaigning, and has also promised to enact friendly regulation for the industry.
On the broader policy front, Trump is widely expected to enact inflationary policies, given his protectionist stance on trade and immigration. The dollar surged to near four-month highs on this notion.
But Bitcoin largely shrugged off any pressure from a stronger dollar, as markets also positioned for a Federal Reserve meeting later this week, where the central bank is widely expected to cut interest rates by 25 basis points.
The longer-term outlook for rates, however, turned less dovish on the prospect of a Trump victory.
Crypto price today: altcoins track Bitcoin rally, but record highs elusive
Broader cryptocurrency prices also rallied tracking Bitcoin, although most altcoins still remained well below their record peaks.
SOL jumped 16.8% to an over two-month peak, while ADA rose 10% to a two-week high. MATIC rallied 10% but was trading close to lifetime lows, while XRP rose 5.8% to a two-week high.
