Bitcoin hits record high, crosses $75,000 as traders lean towards Trump victory

The leading cryptocurrency broke its previous record of $73,750, signaling a strong market response.

Media reports indicated Trump had won eight states, while Kamala Harris secured three states along with Washington, D.C. The close race is expected to be decided by seven key swing states.

As of 8:50 am IST, Bitcoin was up 8.4 percent, trading at $75,060.

Ether also gained, rising 7.2 percent to $2,576.

The market’s optimism may reflect Trump’s perceived support for cryptocurrencies over Harris.

The dollar index, which measures the dollar against six major currencies, rose 1.25 percent to 104.72 following Trump’s early polling gains.

Analysts generally expect that Trump’s proposed policies on restricted immigration, tax cuts, and tariffs could push inflation and bond yields higher than Harris' more moderate approach.

Yields on US Treasuries climbed as well, with the 10-year note reaching 4.351 percent, up from 4.279 percent, nearing its recent high of 4.388 percent.

The two-year yield also increased to 4.241 percent from 4.189 percent.

Several other top cryptocurrencies saw significant gains, including BNB (+5 percent), Solana (+13.5 percent), XRP (+5 percent), Dogecoin (+21.6 percent), Cardano (+6.6 percent), Shiba Inu (+10 percent), Avalanche (+12.3 percent), and Chainlink (+11.4 percent).

Stablecoins accounted for $100.92 billion in trading volume, or 92.46 percent of the total 24-hour crypto market volume, as reported by CoinMarketCap.

In the past 24 hours, Bitcoin’s market cap rose to $1.445 trillion, with its market dominance at 59.86 percent.

Trading volume for BTC surged 40.89 percent to $59.26 billion.