The leading cryptocurrency Bitcoin has reached a new high after March.
As Trump leads his opponent Kamala Harris in the U.S. presidential election, Bitcoin, dubbed the 'Trump Trade,' set a new record during the Asian trading session on Wednesday, rising over 8% with a price exceeding $74,000.
Trump won elections in two key states, but the election results in other states remain unclear. Although the final outcome is yet to be determined, the existing data and market expectations are sufficient to drive Bitcoin to break historical records.
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As Bitcoin rises, altcoins also surge. Ethereum (ETH) price increased by 6.6% to $2,589; Solana (SOL) rose by 15.1%; Dogecoin (DOGE) surged by 25%; XRP climbed by 4.9%; Avalanche (AVAX) increased by 13.3%, and Suii (SUI) rose by 20%.
Donald Trump gained attention during his presidential campaign for supporting Bitcoin and cryptocurrencies. At that time, Trump claimed he would not allow the U.S. government to sell its holdings of BTC and vowed to make America a Bitcoin superpower.
Trump mentioned Bitcoin and cryptocurrencies several times during rallies and emphasized, 'Never sell your Bitcoin.'
It is reported that Trump also stated that upon taking office, he would fire the current chairman of the U.S. Securities and Exchange Commission, Gary Gensler, who holds a negative attitude towards cryptocurrencies.
As of the time of writing, the trading price of Bitcoin remains at $74,700.
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