Bitcoin surges to all-time high amidst US presidential election
Early numbers indicate Republican candidate Donald Trump having a slight edge over Democratic nominee Kamala Harris.
Bitcoin on Wednesday touched an all-time high, rising 7% to $75,060, as the presidential elections heat up in the United States. This surpasses the bitcoin's previous peak of $73,750 on October 29.
According to early exit polls, Donald Trump is projected to win in ten states and Kamala Harris in five, according to several news reports.
The Ethereum blockchain cryptocurrency Ether also rose 7.2%, touching $2.576, according to data.
The crypto investor landscape seems to be prefer Trump over Harris as the former president is seen to favour minimal regulation for the financial markets, indicating a hands-off approach towards cryptocurrencies. Investors are hoping another Trump term would ease regulatory oversight in the industry.
Notably, Trump had once voiced skepticism about cryptocurrency but has since repositioned himself as a pro-crypto candidate and went onto launch World Liberty Financial, a crypto business.
Harris, on the other hand, is yet take an official position on the asset class, reflecting uncertainty. According to a report by consumer financial services company Bankrate, the Biden administration has been viewed by investors as being unfriendly to the crypto industry.
As of 11:30 AM IST, Trump had garnered 246 electoral votes, as opposed to Harris’ 210 votes. It takes 270 electoral votes to win the US presidential election.
Trump has won the swing states of Georgia and North Carolina; initial count is pending in the key states of Pennsylvania, Nevada, Wisconsin, Michigan and Arizona.
Edited by Swetha Kannan
