Bitcoin (BTC) Reaches New All-Time High Above $75,000 as Donald Trump's Favorable Election Results Continue to Flow In

Following the crypto-friendly Republican pile of votes, Binance, Coinbase, and other crypto exchanges in Asia started to rise in the early hours of Wednesday.

Bitcoin (BTC) price hit a fresh all-time high just above $75,000 on crypto exchanges in Asia Wednesday as Donald Trump’s favorable election results continue to flow in.

Binance, Coinbase, and other crypto exchanges in Asia began to rise in the early hours of Wednesday following the crypto-friendly Republican pile of votes.

The development shows that Donald Trump has again put his stamp on financial markets Tuesday night. As the votes piled up in his favor, it has left him on the cusp of returning to the White House.

BTC was up 7.5% in the past 24 hours, rising sharply in the last few hours alongside Trump’s odds on betting marketplace Polymarket. Punters have given him an 85 per cent chance of winning the United States presidency. BTC is now trading at a notable premium on crypto exchange Coinbase, indicating renewed stateside demand.

Bitcoin rose over 7% in Asia, topping the $74,000 mark for the first time. Early trends also showed Trump winning Kentucky, Florida, West Virginia, and another four electoral college votes, outpacing his rival Kamala Vice President-elect.

According to data shared by Coinglass, part of BTC’s spike could be attributed to a $94 million liquidation of bearish or hedged bets against the asset.

In addition, US stocks surged, with S&P futures climbing 1.4 per cent. This represents its biggest gain against major currencies since 2020. Treasury bonds also rose, sending benchmark yields up more than 0.1 percentage point.

Bitcoin’s Coinbase and Dogecoin – biggest winners of Donald Trump’s lead

Bitcoin’s “Coinbase premium,” a key metric gauging stateside demand for the leading cryptocurrency, is flashing green again amid reports of an early lead for pro-crypto Republican candidate Donald Trump in the U.S. election.

The “Coinbase Premium Index” measures the price difference for bitcoin on Coinbase. It is widely used by U.S. users and many institutional market participants, compared to the off-shore exchange Binance – the leading exchange by trading volume.

The price differential turned positive during Wednesday’s early Asian hours and jumped to 0.06, the highest since Sept. 14, according to data tracked by analytics firm CryptoQuant.

In traditional markets, the dollar index, which tracks the greenback’s value against major fiat currencies, jumped 1.3 per cent to 104.80, reaching the highest since July 30, according to data source TradingView. The yield on the U.S. 10-year Treasury note jumped 16 basis points to 4.44 per cent.

Dogecoin (DOGE) has been up nearly 20 per cent since Tuesday, extending 30-day gains to over 65%, making it the best-performing major token. DOGE has recorded a high figure with over $30 million in short liquidations in the past 24 hours. Its open interest – the number of unsettled futures bets – has reached 8.30 billion tokens as of Wednesday compared to 7 billion tokens on Monday.

On Ethereum, DOGE tokens are at 77 per cent in the past 24 hours and are up 500 per cent since a CoinDesk analysis first flagged demand for the memecoin among some traders. Sector tokens have gained 16 per cent on average, beating a 7.2 per cent rise in the broad-based CoinDesk’s majors index.

DOGE has generally risen after a renewed endorsement by technology entrepreneur Elon Musk as part of the Republican campaign. Musk has been proposing a Department of Government Efficiency (abbreviated as D.O.G.E) as an agency that will make government spending and monetary planning more effective.

The expectation among crypto traders is that a Trump victory could lead to more chatter of “DOGE,” fueling retail attention and interest in dogecoin in the future if D.O.G.E actually becomes a part of the government.

The proposed department will seek to make government spending of taxpayer money more efficient while streamlining departments that handle spending. Musk suggested the proposed department could be run similarly to a corporate company with incentives for performers and penalties for those who fail to deliver results.

Elon Musk is a long-time Dogecoin supporter and DOGE tends to surge on payments-related developments at any Musk-owned companies, such as X or Tesla.