Bitcoin Hits Record High Above $75,000 as Trump Edges Closer to Victory

New Delhi: As Donald Trump edged closer to victory in the US presidential election, Bitcoin surged to a record high of $75,060, fuelling investors

US presidential candidate Donald Trump's pro-cryptocurrency stance and the anticipation of a Trump victory in the presidential election have pushed Bitcoin to record highs, with the world's most valuable digital asset hitting a new peak of over $75,000 on Tuesday (US time).

The cryptocurrency saw 7 per cent growth on Tuesday alone. On Wednesday (India time), Bitcoin was hovering around $73,000 per coin.

Trump has made Bitcoin a focal point during his campaign, saying he would make the US the “crypto capital of the world”.

This stance has had a clear impact on the market, according to Nigel Green, CEO of deVere Group, which is顴s engaged in financial advisory services.

“We've said for months that Trump's stance on cryptocurrency, combined with the uncertainty surrounding the election, would push Bitcoin to new heights,” he said.

“This rally isn't just about the election; it's about the fundamental shifts happening in the digital financial system, of which Bitcoin is the leader. People are waking up to the fact that traditional systems are changing,” Green added.

During his campaign, Trump vowed to end what he calls the “persecution” of the cryptocurrency industry and to position the United States as the “Bitcoin superpower of the world”.

“Trump's open support of cryptocurrency has triggered this surge, as many investors anticipate that a Trump victory would clear the path for mainstream adoption and regulation that is both favourable and necessary for Bitcoin's continued growth,” Green said.

According to trade analysts, Bitcoin could climb as high as $80,000 in the near future, driven by a combination of heightened demand, market sentiment and policy expectations under a Trump administration.

“Bitcoin at $80,000 is not far-fetched. We are seeing a perfect storm of market dynamics,” Green said.

Other cryptocurrency tokens also made progress on Wednesday, with the total crypto market cap hitting $2.5 trillion, up 9 per cent in just a day. (IANS)