Bitcoin Price Hits All-Time High As Investors Weigh US Election Results

The price of Bitcoin reached a record high Tuesday night after former President Donald Trump was projected to win his race against Vice President Kamala Harris.

The world's leading cryptocurrency rose 7% to $75,060 in Asia, according to AFP. The previous record of $73,798 was set in March.

Traders bet correctly that Trump would win the election and take a softer stance on regulating digital currencies than Harris.

Trump pledged during the campaign to make the United States "the world capital of bitcoin and cryptocurrencies".

President Joe Biden signed an executive order calling for safeguards to ensure the "responsible development of digital assets" in March 2022.

Some analysts have predicted a Trump victory could push the price of Bitcoin as high as $100,000 by the end of the year.