Bitcoin jumps 8% to beat record on Trump vote optimism

Bitcoin has been a major winner on the back of developments in the US Presidential Election, with the cryptocurrency recording an 8% jump as Trump took an early lead, going beyond its March record, as the trading price rose to more than $US75,000.

By 16:17 AEDT, Trump had extended his lead – achieving 230 Electoral College votes (from 51% of votes counted) to Harris’ 210 (from 48% of votes counted).

He had also gained North Carolina – the election’s first crucial swing state, and it was also confirmed that the Republican Party had won a majority in the US Senate.

Saxo Chief Macro Strategist John J. Hardy said the former President’s strong performance thus far had created ripples in financial markets.

“Markets are piling into the Trump 2.0 Trades (Bitcoin is the night’s big winner in percentage terms) as everything is going his way as votes accumulate and Harris’ path to victory looks increasingly unlikely,” he said.

“While patience is still required, markets are already trying to call this. It is important to remember that ‘proper’ Trump 2.0 Trades require control of the House – it will possibly be days before we know the results of all House elections.

“However, with Trump’s popular vote so much stronger than the last two elections, the odds are leaning higher.”

Bitcoin hit its previous record in March following the launch of US spot-bitcoin exchange-traded funds.

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