Bitcoin Surges to Record High Amid Trump Election Prospects

SINGAPORE (Reuters) – Bitcoin surged to a record high in Asian trade as investors leaned towards Donald Trump winning the U.S. presidential election.

The world's biggest cryptocurrency rose 7% to $75,060, topping March's peak, with the prospect of Trump's return to the White House seen ushering in a softer line on cryptocurrency regulation.

Republican Trump won 15 states while Democrat Kamala Harris captured seven states and Washington, D.C., Edison Research projected. Although the race remained too early to call, financial markets began moving during the Asia session to price a victory for the former president.

Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital, stated that markets expect a change in attitude at the U.S. Securities and Exchange Commission, which could remove a choke point for crypto innovation and speculation.

> "(A) Democrat win would have felt like a short term nail in the coffin," he said. "Probably not the case long term but the market is placing high importance on it."

Smaller cryptocurrency ether also jumped 7.5%, but at $2,593, it remained well below its 2021 high of $4,867.