Bitcoin price jumps to record high, tops $75,000 as Donald Trump looks set to return as 47th US President
Bitcoin prices on Wednesday, November 6, with the major cryptocurrency hitting a fresh high and crossing the $75,000 mark for the first time.
The rally comes as Trump is seen as more supportive of cryptocurrencies than Democratic Presidential candidate Kamala Harris.
According to a report by AFP, Trump has pledged to make the United States the "bitcoin and cryptocurrency capital of the world" and to put tech billionaire Elon Musk in charge of a wide-ranging audit of governmental waste.
Other cryptocurrencies such as Ethereum, Solana, Dogecoin, Cardano and Shiba Inu also saw strong buying action, rallying up to 12%.
270 electoral votes are needed to win the presidency, and Donald Trump is leading with electoral 247 votes as against Harris' 210.
Signs of a possible Trump victory not only bolstered Bitcoin but also powered a rally in US stocks, the US dollar index along with the Indian stock market.
The US Dollar Index rose 1.9% to 105.30, its highest level in almost four months.
Meanwhile, futures for the S&P 500 gained 1.7% and Dow Jones Industrial Average rose 1.8%. Nasdaq composite future was 1.8% higher, signalling a strong start for the US markets later today.