The leading cryptocurrency Bitcoin broke new records after March.
Bitcoin, known as the Trump trade, broke a record by rising more than 8% to above $74,000 during Asian trading hours on Wednesday as Trump gained ground on his rival Kamala Harris in the US presidential election.
Donald Trump won the election in two of the critical states, while the results in the other states are not yet clear. Although the results are not final yet, the current data and expectations were enough for Bitcoin to break an all-time record.
While altcoins also accompanied Bitcoin's rise, Ethereum (ETH) increased by 6.6% and reached $2,589.
Solana (SOL) rose 15.1%; Dogecoin (DOGE) rose 25%; XRP rose 4.9%; Avalanche (AVAX) rose 13.3% and Suii (SUI) rose 20%.
Donald Trump came to the forefront with his support for Bitcoin and cryptocurrencies during his presidential election campaign. At this point, Trump stated that he would not allow the US government to sell its BTC and said that he would make the US a Bitcoin superpower.
Trump frequently mentioned Bitcoin and cryptocurrencies in his rallies, saying, “Never sell your Bitcoins.”
As is known, Trump also stated that he would fire current SEC chairman Gary Gensler, who has a negative approach towards cryptocurrencies, when he takes office.
Bitcoin continues to trade at $74,700 at the time of writing.
*This is not investment advice.
