Bitcoin Skyrockets To 75,000 As Trump Victory On The Cards

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• Bitcoin's price surged to a new all-time high of 75,005 on Tuesday night as exit polls show an increasing possibility of Donald Trump winning the US Presidential elections.
• The flagship cryptocurrency began to climb as soon as Trump took a lead in the Electoral College, which at press time stands at 198 for Trump and 99 for Kamala Harris.
• Bitwise Asset Management head of research Ryan Rasmussen said that a Trump victory would guarantee Bitcoin extending its peak, and Franklin Templeton's Max Gokham said BTC is the barometer of a Trump sentiment.
• As per Polymarket data, the former President has an 85 chance of returning to the White House for a second term. Experts view his presidency as a positive for the crypto industry.

On Tuesday evening, Bitcoin, the world's largest cryptocurrency by market capitalization, soared to a new all-time high on major crypto exchanges. Investors are betting on Donald Trump gaining an edge in the US elections and reclaiming the White House.

Bitcoin Hits 75,000 As Trump Projected to Win Presidency

The price of Bitcoin BTC rose by 6,000 to a record 75,005, topping its previous peak of 73,797 by 10. The flagship cryptocurrency hit its previous record high on March 14 following the widely successful launch of spot Bitcoin ETFs and has traded in a narrow range below 70,000 for most of the year.

Bitcoin began its climb after Trump took an early lead in the Electoral College. Interestingly, this happened even though the news media had not yet called for the Republican candidate in any major swing states.

BTC has risen sharply over the last two hours alongside Trump's odds on the online betting marketplace Polymarket, where he is given an 85 chance of winning the US presidency. Traders view a Trump victory as bullish for the global financial markets and the crypto industry compared to Kamala Harris, who isn't perceived as crypto-friendly.