Bitcoin surges 10% to a record above $76,000 as Trump victory heralds wider crypto adoption and weaker regulation

Bitcoin rallied Wednesday, hitting all-time highs as former President Donald Trump defeated Vice President Kamala Harris to win the White House.

The price of the flagship cryptocurrency was last higher by 9% at about $76,052.66, according to Coin Metrics, after touching a fresh record of $76,493.86.

“The themes around the Trump trade for crypto are deregulation, potential tax cuts for an asset that is both held long term but also day traded, less dependency on parts of government like financial institutions and the Fed — or at least an alternative for decentralized currency — and overall support of risk assets and the growth of crypto ... is really what’s making it grow,” Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, told CNBC.

Ether surged 11%, while the token tied to its competitor, Solana, rocketed 13%. Payments token XRP jumped more than 5%. Meanwhile, memecoins soared, with dogecoin up more than 15%.

Shares of Coinbase surged 31.11%, posting its best day on record since its first day of trading. MicroStrategy, which trades as a high beta play on the price of bitcoin, advanced 13%.

Bitcoin surges 10% to a record above $76,000 as Trump victory heralds wider crypto adoption and weaker regulation