Bitcoin surged to a record high as global markets reacted to Republican candidate Donald Trump’s victory in his Democratic rival Kamala Harris in the US presidential election.
The cryptocurrency, the world’s largest digital asset, rose 9% to $75,372 before trading at $73,620 at 7:53 a.m. London time on Wednesday. The currency last hit a high in March amid investor optimism about an influx of funds into US-based bitcoin exchange-traded funds.
Some see bitcoin as a “Trump trade” because the Republican presidential candidate embraced digital assets during his campaign. Cryptocurrencies have been prominent in politics, thanks to a campaign finance fund funded by the industry to advance its agenda.
