Bitcoin, the world’s largest cryptocurrency, rose 7% to $75,060, surpassing its previous high from March. Investors believe that President Trump’s possible return to the White House could signal a shift toward less crypto regulation.
Early election results show Trump clinching victory in 15 states, with Democrat Kamala Harris carrying seven states and Washington, DC, according to projections from Edison Research. Although the overall race remains too close to call, Asian markets reacted by pricing in the possibility of a Trump victory.
Matthew Dibb, chief investment officer at crypto asset management firm Astronaut Capital, said the market is looking forward to changes at the US Securities and Exchange Commission (SEC) that remove obstacles to crypto innovation.
“(A) Democratic victory would have felt like a nail in the coffin in the short term,” Dibb said, adding that while the long-term outlook may be different, the market is very focused on the outcome. admitted that.
The gains extended beyond Bitcoin, with Ether, the second-largest cryptocurrency, rising 7.5% to $2,593. However, it remains well below its 2021 peak of $4,867.
