Bitcoin Surges to Record High of $75K on Election Night as Trump Secures Early Advantage

The leading cryptocurrency continued to soar, surpassing $75,000 on Wednesday after early exit polls indicated a slight advantage for Republican candidate Donald Trump.

Bitcoin price soared to a record high on US election night, surpassing $75,000 (roughly Rs. 55.3 lakhs) as initial results began to trickle in, although the race remained too close to call.

The world's biggest cryptocurrency continued to surge on Wednesday, reaching $75,060 (roughly Rs. 55.4 lakhs) as early exit polls showed Republican candidate Donald Trump with a slight advantage.

The new peak marked a brisk climb from Bitcoin's previous record of $73,750 (roughly Rs. 54.2 lakhs), signalling a robust positive reaction from investors to the unfolding political landscape.

Trump secured victories in eight states, while Vice President Kamala Harris won three states along with Washington, D.C., according to reports.

The election remained closely contested, with the final outcome likely hinging on the results from seven key swing states.

Bitcoin was up 8.4 percent at $75,060 (roughly Rs. 55.4 lakhs) by 8.50am IST. Ether also posted strong gains, rising 7.2 percent to $2,576 (roughly Rs. 1.9 lakhs).

Some analysts said that Trump's perceived pro-cryptocurrency stance compared to Harris's could be a factor in the market's bullish sentiment, as investors are betting on the implications of each candidate's policies for the digital currency industry.

Harris has previously expressed concerns about the environmental impact of cryptocurrency mining, while Trump has touted the benefits of digital currencies and said that his administration would "foster" their development.

The US election is a critical event for markets worldwide, with investors closely monitoring the potential shifts in economic and regulatory policies that could impact various industries, including cryptocurrencies.