Bitcoin surged to a record high of $75,000 on Wednesday, fueled by growing investor confidence in a potential Donald Trump victory in the US presidential race.
As Trump gained key swing states necessary for a path to the White House, the markets responded positively, anticipating the economic impact of his policies, including tax cuts, tariffs, and inflation-driven growth.
Despite a tight race, Trump appeared to be gaining an edge over Vice President Kamala Harris, with both candidates securing expected wins in their strongholds.
However, Trump’s success in swing states, including Georgia, North Carolina, and crucial battleground Pennsylvania, significantly boosted the so-called “Trump Trade.”
The prospect of Republicans regaining control of the Senate further fueled optimism around Trump’s economic agenda. Traders are betting on sweeping tax cuts, deregulation, and more tariffs, which could bolster the US dollar.
The greenback climbed 1.5% to its highest level since July, hitting 154.33 yen, while also appreciating against the euro and Mexican peso.
Bitcoin followed suit, climbing more than $6,000 to break its previous all-time high, reaching $75,371.69.
The cryptocurrency’s rise is seen as reflecting investor sentiment tied to Trump’s policies, with many viewing a Republican-controlled government as favorable for digital assets.
Trump’s pledge to make the US the “bitcoin and cryptocurrency capital of the world” resonated with traders, who also anticipate his push for technological innovation under tech entrepreneur Elon Musk.
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