Bitcoin prices hit new highs on Wednesday as investors expect former President Donald Trump's victory in the US presidential election to benefit the cryptocurrency.
Bitcoin jumped nearly 8% to a record $75,345 in early trading before falling back to about $74,225.
Trump, once skeptical of crypto, has changed his views and endorsed cryptocurrencies before the election.
He promised to make America the "cryptocenter of the world" and create a strategic reserve of bitcoin. Openness accepts donations in cryptocurrencies, and he attracted the attention of crypto enthusiasts at a bitcoin conference in July. Trump also launched World Liberty Financial, a new venture with family members to trade cryptocurrencies.
"Bitcoin is an asset that is always expected to soar if Trump returns to the White House," said Russ Mould, investment director at AJ Bell, a British online investment platform. "After reaching a new record, the market is now speculating as to when BTC will break through the $100,000 mark," he added.
Trump has already expressed his hopes for the digital currency, and crypto traders now have a new narrative that makes them more excited about the potential price direction, Mould said.
