Bitcoin Reaches Record Highs as Trump Gains Election Traction

Key Points

• Bitcoin surged 8% to a new record high of $74,200 amid increased bets on Trump.
• Trump currently leads Harris in electoral votes, with 198 to her 112.
• Stocks tied to crypto, including MicroStrategy and Coinbase, gained in after-hours trading.
• Dogecoin and Ripple also rallied, up 30% and 5%, respectively.

Bitcoin (BTC-USD) surged to all-time highs on Tuesday night, driven by increased bets on Donald Trump in prediction markets. The former president currently holds 198 electoral college votes, while Kamala Harris trails with 112, based on recent Associated Press projections.

Bitcoin jumped over 8% to reach approximately $74,200 per token, surpassing its previous peak of $73,750 set on March 14. This rally in Bitcoin prices also sparked gains across crypto-related stocks, with MicroStrategy (MSTR) shares rising over 4% in after-hours trading and Coinbase (COIN) shares increasing by more than 3%.

Additionally, other cryptocurrencies saw notable gains, with dogecoin (DOGE-USD) spiking 30% and Ripple (XRP-USD) up 5%, as markets responded to election developments.