Bitcoin rose to an all-time high in Asian trading as investors leaned into Donald Trump‘s victory in the US presidential election.
The world’s largest cryptocurrency rose 7% to $75,060, surpassing its March peak, with the prospect of Trump returning to the White House ushering in a softer line on cryptocurrency regulation.
Republican Trump won 15 states, while Democrat Kamala Harris won seven states and Washington, D.C., Edison Research projected, and while the race remains too early to predict, financial markets began moving in the Asian session to price of a victory for the former president.
More context: Bitcoin surpasses $71,000 as questions arise about elections and inflation
Not only bitcoin, Ether rises 7.5% after Republican victory
Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital, said markets were hoping for a change of heart at the U.S. Securities and Exchange Commission to remove a choke point for crypto innovation and speculation.
“(A) Democratic victory would have felt like a nail in the coffin in the short term,” he said. “It’s probably not the case in the long term, but the market is placing a lot of importance on it.”
The smallest cryptocurrency, Ether, also rose 7.5%, but at $2,593 it remained well below its 2021 high of $4,867.
With information from Reuters.
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