Bitcoin Surges to $75,000, Reaches All-Time High

Bitcoin hit a new all-time high of $75,080 at 3:08 UTC on the Binance exchange. It has since retreated slightly and is currently trading at $74,000.

Bitcoin’s previous record was set in March following the launch of multiple spot ETFs in the United States. The cryptocurrency’s market capitalization is now approaching $1.5 trillion.

The US presidential election is still in full swing, with Donald Trump holding a sizable lead in the electoral college. Trump currently leads by 198 electoral votes to Kamala Harris’ 112. Candidates need more than 270 electoral votes to claim victory in the election.

Analysts say a “Trump effect” is taking place, contributing to a boost in risk assets like stocks and cryptocurrencies.

The prominent entrepreneur and former reality TV star has been clear in his support of the digital asset industry, while Democratic candidate Kamala Harris has been more muted on the issue. Matthew Sigel, head of digital asset research at VanEck, said Trump’s re-election campaign has had a profound impact on the crypto community.