Bitcoin Reaches New High, Tops $75K amid Trump’s Lead in US Exit Polls

Amid early US presidential election exit polls hinting at a slight lead for Republican candidate Donald Trump, Bitcoin saw a significant surge, breaking through the $75,000 barrier to reach a new record high. This leading cryptocurrency’s jump exceeded its previous peak of $73,750, clearly indicating a robust and favorable market reaction to the political development.

• Trump Secure Wins in 14 States During Election
• Bitcoin Surges: Will It Hit New All-Time High?

Trump Secure Wins in 14 States During Election

The election remains tight in key battleground states, with final verdicts potentially taking hours or days. Trump secured 14 states, while Kamala Harris claimed victory in four states and Washington D.C., reports say.

Bitcoin Surges: Will It Hit New All-Time High?

According to Ryan Rasmussen, head of research at Bitwise Asset Management, the upcoming election results will significantly impact the volatile swings of Bitcoin and other cryptocurrencies. As of 8:50 am IST, Bitcoin experienced an 8.4% surge, reaching $75,060, while Ether ROSE 7.2% to $2,576. Rasmussen attributed this bullish market sentiment partly to Trump’s perceived favorability towards cryptocurrencies compared to Harris. He stated, “If Trump wins, we could witness new all-time highs. However, if Harris emerges victorious, a notable sell-off is expected in the short term, followed by a price recovery that might take a month or two.” Investors are advised to brace for potential market fluctuations until the election outcome becomes clear.

Cryptocurrencies are poised for growth, regardless of election outcomes. Tesla, a notable stock market player, extended its gains in after-hours trading, peaking at US$275.52, up 9.58%, after closing 3.54% higher at US$251.44. Meanwhile, Trump Media & Technology Group, a hot Trump-linked stock, saw a significant surge, jumping 43.61% to US$48.74 in night trading, despite ending the regular session slightly lower at US$33.94. This market activity underscores the potential for further upside in the crypto and stock markets.