Bitcoin surged to a record high of $75,389 on Wednesday as crypto investors celebrated the expected election victory of Donald Trump, who has pledged to make the U.S. “the bitcoin superpower of the world”.
The dollar was set for its biggest one-day rise since March 2023 against major peers as well.
The world’s biggest cryptocurrency surpassed its previous peak of $73,803.25 hit in March, following a rally of more than 7% as Trump closed in on the White House.
The Republican candidate won the key swing states of Pennsylvania, North Carolina and Georgia, putting him on the brink of winning back the presidency.
Trump has positioned himself as the pro-cryptocurrency candidate, vowing to end the industry’s “persecution”.
Bitcoin’s rise has boosted the share prices of other crypto tokens. The price of ether rose 8.6% to $2,622, while solana surged 11% to $184. The price of meme token Doge coin, favoured by Elon Musk, jumped 16% to 20 cents.
The dollar index advanced 1.4% to 104.85 as of 0900 GMT, having earlier hit 105.31, a four-month peak. That put it on course for its best day since March 2023.
