Bitcoin surged to an all-time high in Asian trading as investors anticipated a U.S. presidential election win for Donald Trump. The leading cryptocurrency jumped 7% to reach $75,060, surpassing its March peak, as expectations grew that a Trump administration would take a lighter approach to cryptocurrency regulation.
According to Edison Research projections, Trump secured wins in 15 states, while Democrat Kamala Harris won seven states and Washington, D.C. Although the outcome remained undecided, Asian financial markets began to factor in a potential Trump victory.
Matthew Dibb, Chief Investment Officer at cryptocurrency asset manager Astronaut Capital, suggested that markets expect a shift in attitude from the U.S. Securities and Exchange Commission that could lift regulatory barriers to crypto innovation. He added that a Democratic victory might have hindered short-term growth for the sector, though it might not have long-term effects.
Meanwhile, the smaller cryptocurrency Ether also rose by 7.5% to $2,593, although it remains below its 2021 peak of $4,867.
