Bitcoin recorded a remarkable surge to the $75,000 level in the Asian session this morning (Wednesday), breaking an all-time record, as early results of the United States (US) Presidential Election showed Donald Trump in the lead.
This increase of more than 8% is in line with Trump gaining large support in swing states such as Georgia and North Carolina.
According to Fredrick Collins, CEO of VeloData, the increase in the price of Bitcoin is closely related to the positive reaction to the possibility that Trump is now ahead of Kamala Harris.
Not only Bitcoin, Ethereum also recorded a 6.5% increase, while Dogecoin, popularized by Elon Musk, jumped to 18%.
With Trump's strong support for the crypto world, investors are increasingly attracted to his promise to make the US the world's crypto center, including creating a Bitcoin reserve.
Although the market is expected to be volatile after the election results, with Bitcoin price movements that can reach up to 8%, investors remain optimistic about the future of this digital asset.
The early results of the election also give hope to the crypto industry who hope that the next administration will bring a friendlier policy towards this digital asset, in contrast to the strict approach applied in the Joe Biden administration.
