Bitcoin jumped in early Asian trading on Wednesday, hitting an all-time high, following preliminary results from the U.S. election.
The leading cryptocurrency has surged more than 10 percent to above $75,000, according to CoinMetrics data. The gains have been fueled by Trump’s lead in the Electoral College vote count, even though none of the key swing states are yet to be decided, according to NBC News.
Cryptocurrency exchange Coinbase rose 3 percent in after-hours trading, while MicroStrategy advanced 4 percent.
Investors expect Bitcoin trading to be highly volatile until the winner is announced. A win by Vice President Kamala Harris is expected to cause a decline in the value of Bitcoin, while traders expect a rise in the price if former President Donald Trump wins.
“The election has a huge impact on cryptocurrencies,” said Ryan Rasmussen, head of research at Bitwise Asset Management. “We expect bitcoin — and cryptocurrencies more broadly — to be volatile in the coming days… until we have final results from the election,” according to CNBC.
He added: If Trump wins, I think we will see new highs, while if Harris wins, I expect a short-term sell-off, with prices taking a month or two to recover. But ultimately, either way, I think we will go higher.
