Bitcoin hits record high at $75k as Trump leads in presidential race, boosting crypto market

From Investing.com

November 05, 2024 10:17:30 PM:

Bitcoin surged to a record high of $75,071.8 as early vote counting showed Trump leading in the 2024 presidential elections. Crypto prices rose, with Ethereum up 9.1% to $2,622.90. Meme token Dogecoin surged 23% on speculation of Elon Musk’s support.

Cryptos soared as Trump led Harris with 247 electoral votes to 210. Trump won key states like North Carolina and Georgia, and was ahead in Pennsylvania, Arizona, Nevada, and Wisconsin. The Republican party also secured a majority in the Senate, boosting hopes for pro-crypto policies.

Investors cheered the prospect of a Trump presidency, anticipating friendly crypto regulation. Trump’s inflationary policies and potential rate cuts also supported the market. Altcoins tracked Bitcoin’s rally, but many are still below record highs. Ethereum rose 16.8%, while Litecoin and Ripple also saw gains.

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