Bitcoin reaches new all-time as Trump wins US election

Crypto markets surged Wednesday morning as Bitcoin approached $75,000, driven by investor optimism around a Donald Trump victory in the US elections. This marks a new all-time high for Bitcoin, surpassing its March peak of $73,000, following months of volatility amid uncertainty over the U.S.

presidential election. Read: Samsung Galaxy Z Fold 6 Review: Fabulous foldable The Republican Party’s embrace of crypto over the summer attracted significant support from the industry, frustrated by the stricter regulatory stance of the Biden administration. On social media, crypto advocates celebrated the Bitcoin rally and speculated on the potential departure of SEC Chair Gary Gensler, whose regulatory approach has been criticized as restrictive.



The election night also saw a notable victory for pro-crypto candidate Bernie Moreno, who defeated Democratic incumbent Sherrod Brown for an Ohio Senate seat. Brown, as chair of the Senate Banking Committee, was often viewed as an opponent of the industry, while Moreno’s campaign, which received millions in crypto donations, focused on a platform supportive of digital assets. The possible Trump win was further bolstered by predictions from Polymarket, a crypto-based betting platform that had favoured Trump in the weeks leading up to the election.

As polls opened, the site placed Trump’s odds at around 58%, which surged to about 90% by late Tuesday night. Other cryptocurrencies also climbed as election results rolled in. Ethereum rose roughly 7%, while Solana gained 15%.

Dogecoin saw the largest increase, up nearly 20%, thanks in part to vocal support from Elon Musk, a Trump ally who has advocated for the meme coin and even hinted at establishing a “Department of Government Efficiency (DOGE)” under Trump. The favourable election outcome also boosted publicly traded companies like Coinbase and MicroStrategy, whose stock prices are closely tied to Bitcoin’s performance..