Bitcoin Crosses All-Time High, Rides Donald Trump's US Election Rally To Rise Above $75,000

For much of this year, Bitcoin has traded below $70,000, but heightened interest tied to election-day events has fueled a rally.

Bitcoin has surged to an all-time high, reaching $75,000 on Wednesday as investors monitored the unfolding US election results. Many market participants are speculating on a potential advantage for former President Donald Trump in the race, a factor they believe could support the cryptocurrency's rise.

Data from CoinMarketCap (screenshot above) showed Bitcoin’s peak at $75,317.59, with the digital currency holding steady in early trading at $74,392.00, marking a 7 per cent gain. By midday, Bitcoin’s price stood at $74,426.37, an increase of 8.25 per cent, breaking its previous record of $73,797.68 set in March.

Fluctuations Expected

For much of this year, Bitcoin has traded below $70,000, but heightened interest tied to election-day events has fueled a rally. Experts suggest that the cryptocurrency could experience significant fluctuations until the final election results are confirmed.

Analysts note that a victory for Vice President Kamala Harris could introduce new regulatory pressures on crypto markets, potentially causing Bitcoin’s price to drop. In contrast, a Trump win is seen as a potential boon, with traders anticipating further gains due to his historically deregulatory approach—a stance that aligns with Bitcoin’s appeal for many investors.

The rally also lifted stocks linked to the crypto sector. Coinbase, a major cryptocurrency exchange, saw a 3 per cent rise, while software firm MicroStrategy, known for its Bitcoin investments, climbed 4 per cent in after-hours trading.

Bitcoin’s latest climb reinforces its appeal as a hedge against economic and political shifts. As election results trickle in, market watchers are closely tracking Bitcoin to see if it will maintain its record levels or face volatility as the political picture becomes clearer.

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