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Bitcoin leaps to record high as traders lean towards Trump victory
The world's biggest cryptocurrency BTC rose 7 percent to $75,060, topping March's peak, with the prospect of Trump's return to the White House seen ushering in a softer line on cryptocurrency regulation.
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Republican presidential nominee and former U.S. President Donald Trump is silhouetted as he delivers “Trump Will Fix It“ remarks during a press conference at Mar-a-Lago, in Palm Beach, Florida, U.S., October 29, 2024. (Reuters/Brendan McDermid )
Bitcoin surged to a record high in Asian trade as investors leaned towards Donald Trump winning the US presidential election.
The world's biggest cryptocurrency BTC rose 7 percent to $75,060, topping March's peak, with the prospect of Trump's return to the White House seen ushering in a softer line on cryptocurrency regulation.
Republican Trump won 15 states while Democrat Kamala Harris captured seven states and Washington, D.C., Edison Research projected, and though the race remained too early to call financial markets began moving in the Asia session to price a victory for the former president.
Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital, said markets expected a change in attitude at the US Securities and Exchange Commission to remove a choke point for crypto innovation and speculation.
"(A) Democrat win would have felt like a short term nail in the coffin," he said. "Probably not the case long term but the market is placing high importance on it."
Smaller cryptocurrency ether ETH also jumped 7.5 percent but at $2,593 remained well below its 2021 high of $4,867.
Trump has pledged to make the United States the "bitcoin and cryptocurrency capital of the world," and to put tech billionaire and right-wing conspiracy theorist Elon Musk in charge of a wide-ranging audit of governmental waste.
The previous Trump term saw corporate tax cuts that brought more liquidity to markets, encouraging investment into high-growth assets such as cryptocurrency.
Trump announced in September that he, along with his sons and entrepreneurs, would launch a digital currency platform named World Liberty Financial.
But it had a faltering sales launch earlier this month, with only a fraction of its tokens that went on the market finding a buyer.
World Liberty Financial enables users to lend or borrow cryptocurrencies to or from one another -- a service already offered by many platforms, one of the best-known of which is Aave.
