Bitcoin surged to a new all-time high just above $75,000 late Tuesday night, a gain of more than 10% in 24 hours as former President Donald Trump closed in on his victory in the presidential election.
The leading cryptocurrency hit its all-time high even before Trump, who had called himself a "crypto candidate," was declared the winner
Bitcoin surged to a new all-time high just above $75,000 late Tuesday night, a gain of more than 10% in 24 hours as former President Donald Trump closed in on his victory in the presidential election.
The leading cryptocurrency hit a new record even before Trump was declared the winner early Wednesday morning, as early election returns had crypto investors bullish on his prospects for a return to the White House. Bitcoin was trading slightly off that high Wednesday morning, at about $74,428.
Bitcoin began Election Day trading at about $70,000, swiftly rising to $72,000 before hitting its peak at about 10 p.m. Tuesday night. The rally underscored renewed investor enthusiasm for Bitcoin amid heightened political uncertainty and speculation about future regulatory policy around crypto.
It’s the second time this year that Bitcoin has hit a new record. The cryptocurrency previously reached a historical high in March, effectively ending the “crypto winter” that had kept prices subdued over the previous several years.
Bitcoin was poised for an impressive surge if Trump won. The former president had positioned himself as a “crypto candidate,” actively embracing digital assets as part of his campaign. He even started accepting campaign donations in various cryptocurrencies, including Bitcoin, Ether, Dogecoin, and Solana, among others.
Many crypto enthusiasts welcomed his recent pro-crypto stance. For instance, at a Bitcoin conference, Trump promised to fire SEC Chair Gary Gensler on his first day in office — a move that resonates strongly with crypto advocates, as Gensler’s policies have often been unpopular in the cryptosphere. Trump further promised to establish a national Bitcoin reserve, an ambitious goal that has captivated many in the crypto community.
Bitcoin’s new all-time high has buoyed the entire cryptocurrency market, sparking notable gains across various digital assets. Ether, the second-largest cryptocurrency by market capitalization, was trading at $2,560, marking an increase of over 6% in the last 24 hours. Additionally, popular memecoins saw substantial upticks: Dogecoin jumped more than 30%, while Shiba Inu was up over 12% in the same period.
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