Investing.com-- Bitcoin surged to a record high on Wednesday as Donald Trump secured a win in the 47th US presidential election over Kamala Harris, boosting hopes for more friendly regulation.
The world’s biggest cryptocurrency surged a record high of $75,071.8 on the day, though these gains have moderated to $73,792.0 as of 09:10 ET (14:10 GMT)
Broader crypto prices also rallied, with world no.2 crypto Ether rising 7.6% to $2,624.58. Meme token Dogecoin surged nearly 17%, amid speculation that Elon Musk had referenced the token during recent campaigning for Trump.
Trump beats Harris with key swing state wins
Donald Trump's victory marks a historic return four years after his exit from the White House and setting the stage for a new era of U.S. leadership that may challenge democratic norms domestically and internationally.
Trump, now 78, secured the White House on Wednesday after surpassing the 270 Electoral College votes required, according to projections from Edison Research. His campaign, characterized by intense rhetoric, further highlighted the country's deep divisions.
A victory in the battleground state of Wisconsin pushed Trump past the threshold. By early morning at 5:45 a.m. ET (1045 GMT), he had achieved 279 electoral votes compared to Harris' 223, with some states still counting. Trump also led the popular vote by an estimated 5 million.
"America has given us an unprecedented and powerful mandate," he declared to an enthusiastic crowd at the Palm Beach County Convention Center in Florida.
Harris, meanwhile, did not address her supporters gathered at Howard University, her alma mater.
Republicans gained control of the U.S. Senate, while the battle for the House remains close, with Republicans holding a narrow majority going into the election.
On the broader policy front, Trump is widely expected to enact inflationary policies, given his protectionist stance on trade and immigration.
For the crypto space, Trump previously pledged to fire SEC Chair Gary Gensler. This move "could reshape this landscape, alleviating the pressure on the crypto sector and giving developers the confidence to build without fear of sudden enforcement actions," said Gitay Shafran, founder of TheFedz.org.
"A shift towards more predictable, clear-cut regulations would be a welcome change for the industry, potentially unlocking new growth and innovation not only in the US but for the rest of the crypto world as well," he added.
Global stock markets surged in response to Trump’s win, and the dollar was poised for its largest single-day gain since 2020. But Bitcoin largely shrugged off any pressure from a stronger dollar, as markets also positioned for a Federal Reserve meeting later this week, where the central bank is widely expected to cut interest rates by 25 basis points.
The longer-term outlook for rates, however, turned less dovish on the prospect of a Trump victory
Crypto price today: altcoins track Bitcoin rally, but record highs elusive
Broader cryptocurrency prices also rallied tracking Bitcoin, although most altcoins still remained well below their record peaks.
SOL jumped over 14% to an over two-month peak, while ADA climbed more than 7% to a two-week high. MATIC rallied 7% but was trading close to lifetime lows, while XRP rose nearly 5% to a two-week high.
Ambar Warrick contributed to this report.