As projections hint at a potential Trump win, Bitcoin has surged to a record high, driven by market speculation and investor optimism. Explore how the election outcomes may impact cryptocurrency trends.
The US presidential election has triggered a significant price surge for Bitcoin, the world’s most popular cryptocurrency. On Tuesday, it surpassed its previous all-time high as Republican candidate Donald Trump appeared likely to return to the White House.
Based on the BTC/USDT exchange rate from Binance, Bitcoin’s price surged by approximately 9.26%, surpassing its previous record of $73,778. On Tuesday, it reached a peak value close to $75,000 before settling between $74.2 and $74.3 thousand.
In addition to Bitcoin, other cryptocurrencies have experienced a price surge as well, with Ethereum being particularly notable.
The surge in prices follows initial voting results indicating that former US President Donald Trump may be on track to win another term in the White House, defeating his Democratic opponent, Vice President Kamala Harris.
During the campaign, Trump pledged to safeguard cryptocurrency investors and demonstrated his support by using Bitcoin in September to purchase cheeseburgers and beer for his supporters at a New York City bar. This act made him the first incumbent or former US president to use the leading cryptocurrency for payment.
Trump has asserted that Bitcoin enthusiasts were previously treated “very badly” by the US Securities and Exchange Commission. He has promised to treat cryptocurrency investors “very fairly” if he is re-elected.
His promise seems to have influenced the crypto market, with investors anticipating that another Trump presidency might result in more relaxed regulations. Over the last four years under Democratic President Joe Biden and his administration, these regulations have only become stricter. In contrast, experts suggest that a Kamala Harris victory could cause Bitcoin’s value to decline.
