Bitcoin Crosses $75,000 for the First Time as Trump Reportedly Wins US Election

Bitcoin (BTC), the world's largest cryptocurrency by market capitalisation, crossed $75,000 for the first time on Wednesday.

Bitcoin price surged past $75,000 for the first time on Wednesday, continuing its record-breaking rally amid Donald Trump's victory in the US presidential election.

According to CoinMarketCap, the world's largest cryptocurrency by market capitalisation was trading at $73,803 as of 11:40pm (GMT+1), after rising by 8.63 percent in the past 24 hours. Earlier today, the digital asset had momentarily reached $75,011.06.

Bitcoin's previous all-time high was $71,195, which was recorded on March 11.

The last time BTC price was below the $70,000 mark was on November 17, when it dropped to $69,964. Since then, the cryptocurrency has rallied by nearly 5.4 percent in less than a week.

Meanwhile, the global cryptocurrency market capitalisation rose to $2.45 trillion, after surging by over $190.4 billion in the past 24 hours.

Other cryptocurrency prices also saw an increase. According to CoinMarketCap, ETH price rose by 7.51 percent to $2,618, SOL surged by 14 percent to $184, and DOGE also saw a 19 percent push.

The surge in bitcoin price comes as Trump, a Republican Party candidate, won the United States presidential election after exceeding the magic number of 270 electoral college votes.

In May, the Trump campaign announced that supporters can make donations in crypto, including bitcoin, ether, and dogecoin, indicating that cryptocurrency will be a key issue during the election.

Last month, the former US president began promoting World Liberty Financial, a crypto venture set up by his longtime business partners and others, according to Financial Times.

World Liberty started selling its token to qualified investors to raise $300mn.