Bitcoin at record high, crosses $75,000 as traders watch US election results

Bitcoin has surged to an all-time high, reaching $75,000 on Wednesday as investors monitored the unfolding US election results. Many market participants are speculating on a potential advantage for former President Donald Trump in the race, a factor they believe could support the cryptocurrency's rise.

Data from CoinMarketCap (screenshot above) showed Bitcoin’s peak at $75,317.59, with the digital currency holding steady in early trading at $74,392.00, marking a 7 per cent gain. By midday, Bitcoin’s price stood at $74,426.37, an increase of 8.25 per cent, breaking its previous record of $73,797.68 set in March.

For much of this year, Bitcoin has traded below $70,000, but heightened interest tied to election-day events has fueled a rally. Experts suggest that the cryptocurrency could experience significant fluctuations until the final election results are confirmed.