Bitcoin hits new all-time high price of $74,978 following Trump’s US Presidential Election victory

Bitcoin hit a new all-time high after Donald Trump was declared the winner of the US presidential election. Early Wednesday, the price of Bitcoin soared past $75,000, breaking its previous record of just under $74,000 from March.

Data from CoinGecko shows Bitcoin reaching $74,978 before settling at $74,518. Investors are showing optimism, as Trump’s potential return to the White House is seen as favorable for cryptocurrency regulation. The combined influence of China’s fiscal stimulus and the US election results is also shaping the crypto market’s direction.

Google search interest for the world’s most valuable cryptocurrency currently stands at 21 out of 100, much lower than the peak interest of 100 in March 2021, when Bitcoin reached $69,000 in November.

According to Edison Research, Trump secured 15 states, while Democrat Kamala Harris won seven states and Washington, D.C. Though the race is still too close to officially call, financial markets in Asia have already started to price in a potential Trump victory.

Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital, told Reuters that markets anticipate a shift in stance at the U.S. Securities and Exchange Commission, potentially easing regulatory pressures on crypto innovation and speculation.

“A Democrat win would have felt like a short-term nail in the coffin,” he said. “That might not hold long term, but the market is weighing it heavily right now.”

Bitcoin is not alone. Ethereum also saw a 7.5% rise, reaching $2,593, though it remains far below its 2021 high of $4,867.