Bitcoin Jumps 9.4% to Near $75,000 After Election Returns Show Trump Outperforming Expectations

Ahead of the election, Trump had vowed to embrace the cryptocurrency industry and painted himself as a contrast to President Joe Biden

Bitcoin soared nearly 10% on Tuesday night as election returns showed former President Donald Trump outperforming expectations in several key states.

The price of bitcoin had last hit a record high in March.

Ahead of the election, Trump vowed to embrace the cryptocurrency industry and painted himself as a contrast to President Joe Biden, who crypto enthusiasts have villainized for the federal regulations of digital assets under his leadership.

Trump, who once called bitcoin a “scam,” has shifted to embrace cryptocurrency this year and 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, contrasting himself with 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%. Solana skyrocketed 15%, while ripple rose more than 5%. The “meme coin” dogecoin, which has been long hyped by Trump backer Elon Musk, was up nearly 28%.

The boost to crypto came alongside rising odds for a Trump victory in betting markets. Investors in other markets also seemed to think a Trump win was 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%.

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