Bitcoin broke its all-time high on election night as traders became increasingly convinced that former President Donald Trump would win the presidency.
Bitcoin rose about 9.4% to nearly $75,000 on Tuesday night after election returns showed Trump outperforming expectations. Bitcoin had last hit a record high in March.
Ahead of the election, Trump had vowed to embrace the cryptocurrency industry and painted himself as a contrast to President Joe Biden, who has been villainized by crypto enthusiasts for the federal regulations of digital assets under his leadership.
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Earlier this year, Trump, who once called bitcoin a “scam,” embraced cryptocurrency and successfully angled to position himself as a champion of the industry in the presidential election.
“To the nation’s 50 million crypto holders, I say this: With your vote, I will keep [Sen.] Elizabeth Warren and her goons away from your bitcoin,” Trump said during an event in May, drawing a contrast to the Massachusetts Democrat, who is one of the industry’s biggest opponents.
Other digital assets also surged on Tuesday evening. Ethereum, the second-largest cryptocurrency, rose 7%. Meanwhile, solana skyrocketed 15%, ripple rose more than 5%, and the “meme coin” dogecoin, which has been long hyped by Trump backer Elon Musk, was up nearly 28%.
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The boost to crypto came alongside rising odds for a Trump victory in betting markets. Investors in other markets also seem to think a Trump win is likely.
The Chinese yuan was falling, down more than 1%. Trump has vowed crushing tariffs on Beijing, so a falling yuan could indicate that investors think Trump is pulling ahead. The Mexican peso was down nearly 2.8% on Tuesday evening, and, inversely, the dollar was up 1.35%.