The prominent cryptocurrency witnessed a notable 7% increase, reaching a value of $75,060, thereby surpassing its previous peak achieved in March. This upward trend is widely attributed to the belief that Trump's potential return to the presidency may indicate a more favorable regulatory environment for cryptocurrencies.
According to Edison Research, Republican Trump secured 15 states, while Democrat Kamala Harris won seven states and Washington, D.C. Although the election results were still too close to call, financial markets began to react during the Asian session, reflecting optimism for Trump's success.
Matthew Dibb, chief investment officer at Astronaut Capital, noted that the markets are anticipating a shift in the U.S. Securities and Exchange Commission's stance, which could alleviate barriers to cryptocurrency innovation and speculation.
He remarked, "A Democrat win would have felt like a short-term setback, though likely not a long-term issue, but the market is placing significant weight on this outcome."
Meanwhile, the smaller cryptocurrency ether also saw a rise of 7.5%, reaching $2,593, yet it remains significantly below its 2021 peak of $4,867.