Bitcoin reached a new record high above $75,000 early Wednesday morning in Asia, as election results showing strong performance by crypto-friendly Republican Donald Trump began coming in.
Bitcoin’s price rose 7.5% in 24 hours, with a sharp increase in the last two hours matching Trump’s improving odds on betting site Polymarket, where bettors now give him an 85% chance of winning the presidency. Many traders believe a Trump victory would benefit the crypto industry more than Democrat Kamala Harris, who is seen as less supportive of cryptocurrency.
The price spike may have been intensified by the liquidation of $94 million worth of bearish bets and hedged positions against Bitcoin, according to data from Coinglass. Additionally, Bitcoin is trading at higher prices on Coinbase than other exchanges, suggesting increased demand from U.S. buyers.
Early results reported by the Associated Press showed Trump winning Kentucky, Florida, West Virginia, and four other electoral votes, putting him ahead of Harris. At the time of reporting, Trump led the electoral count 198 to 99, according to AP’s tally.
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