The price of the flagship cryptocurrency Bitcoin ($BTC) surged overnight to a new all-time high as Republican presidential candidate Donald Trump secured key victories in swing states in the US election and is considered likely to become the country’s next president.
According to data from CryptoCompare, the price of Bitcoin surpass its $73,800 record seen in March over the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States, to reach a new $75,390.26 all-time high over Trump’s expected victory in the elections.
After trading below the $70,000 mark for most of the year, Bitcoin’s price accelerate with Trump’s lead in the Electoral College. The cryptocurrency has, however, since corrected to now stand near the $74,000 mark.
Nasdaq-listed cryptocurrency exchange Coinbase saw its stock price rise more than 15% in after-hours trading on Robinhood, as CNBC reported, over the projections, which also show that Republicans are set to regain a majority control of the U.S. Senate.
A Trump victory was widely expected to help boost Bitcoin’s price, as the former U.S. President has expressed strong support for the cryptocurrency sector, meaning the regulatory outlook could improve through the reduction of regulatory ambiguity and the appointment of more crypto-friendly officials to key positions, for example.
Bitcoin’s price, however, has been known to rally after U.S. presidential elections, having seen 90-day returns of 87%, 44%, and 145% after the elections in 2012, 2016, and 2020, respectively.
As CryptoGlobe reported, the presidential elections saw the trading volume of bets on who was going to win it in leading prediction market Polymarket surpass the $3 billion mark, with bets on Republican candidate Donald Trump surpassing $1.29 billion.
Featured image via Unsplash.
