- Bitcoin rose more than 5% as early estimates of election results suggest Trump leads Harris.
- Trump’s chances of victory in polymarkets have soared by more than 70%.
- Anti-crypto Senator Warren defeats John Deaton to win Massachusetts Senate seat.
Bitcoin (BTC) is up 5% at the start of Wednesday’s Asian session and is rising quickly after estimated election results came in in a few states. Republican candidate Donald Trump is estimated to have won Florida, Tennessee, Missouri, Alabama and Oklahoma. Democratic candidate Kamala Harris won Massachusetts, Maryland, Rhode Island and Connecticut.
Bitcoin and altcoin prices appear to be mimicking Donald Trump’s chances of victory, with the leading cryptocurrency briefly touching $71,500. Altcoins are also rising rapidly, adding more than $50 billion in market capitalization since Tuesday.
Crypto investors are largely in favor of a Trump victory due to his promises to establish clear crypto regulations, including replacing current Securities & Exchange Commission (SEC) Chairman Gary Gensler.
With Trump currently leading in early results, Polymarket’s odds of winning have jumped over 70% for the first time on the platform. Elon Musk, CEO of Tesla and SpaceX, predicted an outrageous 70% Trump lead over Harris in the election.
Warren defeats Deaton in Massachusetts
Meanwhile, Senator Elizabeth Warren, who is championing an anti-crypto movement, defeated crypto advocate John E Deaton to win the Massachusetts Senate seat.
Warren, who is a member of the Senate Banking Committee that oversees the SEC, could become chairman of the committee if Democrats retain the Senate, according to Fox Business’s Eleanor Terrett.
