Bitcoin price has hit an all-time high of $75,000 as US election results continue to fuel market speculation.
Investors are closely monitoring potential impacts, with the cryptocurrency soaring on Wednesday in response to the latest developments in the presidential race.
Former President Donald Trump’s potential edge has prompted an uptick in Bitcoin investment, driving significant price gains.
Bitcoin’s new high was confirmed by Coin Metrics, with early trading showing the cryptocurrency up by 7%, reaching $74,392. By 10:14 am, Bitcoin recorded a 7.56% increase to $74,628.18, surpassing its previous high of $73,797.68 set in March.
For much of the year, Bitcoin had been trading below $70,000, but election-day activity has renewed investor confidence in the asset.
The political uncertainty surrounding the election has heightened Bitcoin’s appeal as a store of value, especially amid expectations of deregulation under a Trump administration.
Many crypto market analysts predict further volatility until election results are finalized. Analysts suggest that a win for Vice President Kamala Harris could present downside risks for Bitcoin, given her policies, which may be less favorable towards cryptocurrency markets. Conversely, a Trump victory is seen as potentially bullish for Bitcoin, with his historically favourable stance towards market deregulation bolstering investor optimism.
Bitcoin’s record surge has also positively impacted crypto-related stocks. Shares in Coinbase, a leading cryptocurrency exchange, rose by 3%, while MicroStrategy, a major Bitcoin investor, increased by 4%.
This parallel growth underscores broader market confidence in cryptocurrency assets as the election outcome unfolds.
Bitcoin’s latest rally reaffirms its position as a key alternative asset during political and economic instability. Investors remain watchful as election results are finalized, with many speculating that Bitcoin’s newfound high could either hold steady or face fluctuations in response to the evolving political landscape.
