Bitcoin surged to a new all-time high during Asian trading hours, with the world’s largest cryptocurrency climbing 7% to $75,060, surpassing its previous peak in March. Investors are increasingly leaning towards a victory for former President Donald Trump in the U.S. presidential election, viewing his potential return to the White House as favorable for cryptocurrency regulation.
As of the latest projections from Edison Research, Trump secured 15 states, while Democrat Kamala Harris won seven states and Washington, D.C. Although the election outcome remained too early to call, financial markets in Asia began reacting to the prospect of a Trump win, pricing in the possibility of a softer regulatory stance on digital assets.
Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital, explained that markets expect a shift in attitude at the U.S. Securities and Exchange Commission (SEC) under a Trump administration, potentially removing regulatory hurdles that have impeded innovation and speculation in the crypto space.
“A Democrat win would have felt like a short-term setback for the market,” Dibb said, noting that while the impact might not be as severe in the long run, investors are placing significant weight on the outcome.
Ether, the second-largest cryptocurrency, also saw a significant rise, jumping 7.5% to $2,593, though it remains well below its 2021 high of $4,867. The rally reflects growing optimism in the crypto market, particularly if Trump’s pro-crypto policies gain traction.
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