BTC/USD: Bitcoin Hits New Record Above $75,000 as Traders Price In Trump Election Win

Former president has made Bitcoin a centerpiece of his campaign, saying he’d make the US the “crypto capital of the world.”

• Bitcoin prices BTCUSD rose to a new all-time high Wednesday morning when the first election results started trickling in. Former President Donald Trump was shown to have an edge in the early counting of the votes and that prompted bargain-hungry traders to flock in and scoop up the orange token, enacting the so-called “Trump trade.” Other tokens also made progress with the total crypto market cap zeroing in on $2.5 trillion, up 9% in the past 24 hours.
• Bitcoin hit a new record above $75,000, almost surpassing $1.5 trillion in valuation, with traders largely acting on FOMO (fear of missing out). While Trump took an early lead in the presidential race against Kamala Harris, key swing states were yet to be called. To this end, stay on guard for seesawing volatility — if Harris leapfrogs Trump in the Electoral College, Bitcoin could see a sharp drop. And vice versa — a Trump win could send prices surging even more.
• Trump has pledged to support the crypto industry by introducing crypto-friendly laws and regulations in efforts to aid broader adoption and even make the US “the crypto capital of the world.” On the other hand, Harris has vowed to “ encourage innovative technologies like digital assets” by working with regulators to lay out a stricter regulatory framework. Whoever gets the top job in American politics, one thing is certain — Bitcoin’s volatility can’t be reined in.