The price of Bitcoin surged to an all-time high of $75,255 Tuesday night as early results from the US presidential election began to roll in, with former President Donald Trump taking an initial lead in the Electoral College.
The Associated Press reported a 7.7% increase in Bitcoin's
value, while share prices and bond yields also saw significant gains in
anticipation of potential market changes tied to the election outcome.
Cryptocurrency investors are closely watching the race, with
analysts suggesting that a Trump victory could drive further gains in Bitcoin
and other digital currencies.
Trump is perceived as more supportive of the financial
markets, having taken a largely hands-off regulatory approach during his
previous term.
Despite previously criticising cryptocurrencies, Trump has
since repositioned himself as a pro-crypto advocate, even launching his own
crypto business, World Liberty Financial.
Vice President Kamala Harris, however, has yet to take a
formal stance on cryptocurrency. The Biden administration has been viewed by
many in the crypto industry as restrictive, according to a recent report by
consumer financial services company Bankrate.
Some investors believe that if Harris were to win, it might
introduce a more cautious regulatory stance on cryptocurrencies, potentially
leading to a decrease in Bitcoin's value.
The impact of the election has not been limited to Bitcoin
alone. Ether, the native cryptocurrency of the Ethereum blockchain, also rose
by 7.2 percent, reaching $2,576. Market analysts expect cryptocurrency trading
to remain volatile until the election result is confirmed.
Crypto enthusiasts and traders worldwide are watching
closely, with many speculating that another Trump term could pave the way for
relaxed regulatory oversight in the industry.
For now, the market is in a state of flux, with Bitcoin
trading expected to fluctuate as investors await the final election outcome.
Source: Graphic Online