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SINGAPORE — Bitcoin surged to a record high in Asian trade as investors leaned toward Donald Trump winning the U.S. presidential election.
The world's biggest cryptocurrency rose 7% to $75,060, topping March's peak, with the prospect of Trump's return to the White House seen ushering in a softer line on cryptocurrency regulation.
Republican Trump won 27 states while Democrat Kamala Harris captured 19 states and Washington, D.C., Edison Research projected. Four states remained too close to call Wednesday morning.
Though the race wasn't officially called until about 5:30 a.m. Wednesday, financial markets began moving in the Asia session to price a victory for the former president.
Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital, said markets expected a change in attitude at the U.S. Securities and Exchange Commission to remove a choke point for crypto innovation and speculation.
"(A) Democrat win would have felt like a short-term nail in the coffin," he said. "Probably not the case long term but the market is placing high importance on it."
Smaller cryptocurrency ether also jumped 7.5% but at $2,593 remained well below its 2021 high of $4,867.
