The currency has spiked to nearly $75,000 on the Binance platform

The US presidential election has led to a dramatic price surge for the world’s most popular cryptocurrency Bitcoin, which soared past its historic maximum on Tuesday on the news that Republican candidate Donald Trump is widely projected to return to the White House.

According to the BTC/USDT exchange rate on the Binance crypto trading platform, Bitcoin’s price increased by some 9.26% and broke its previous record of $73,778. At one point on Tuesday, the currency was valued at nearly $75,000 before coming down to between $74.2-$74.3 thousand.

Aside from bitcoin, other cryptocurrencies have also seen a surge in price, particularly the Ethereum coin.

The price spike comes as preliminary voting results suggest that former US President Donald Trump will likely secure another term in the White House, beating his Democratic rival Vice President Kamala Harris.

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During the campaign, Trump vowed to protect crypto investors and even used Bitcoin to buy cheeseburgers and beer for his supporters at a New York City bar. Trump is the first ever incumbent or former US president to make a payment using the flagship cryptocurrency.

Trump has claimed that Bitcoin enthusiasts were treated “very badly” in the past by the US Securities and Exchange commission and has vowed to deal with cryptocurrency investors “very fairly” if re-elected.

His promise appears to have had an effect on the crypto market as investors believe that another Trump presidency could lead to a loosening of regulations, which have only grown harsher over the past four years under Democratic President Joe Biden and his administration. Experts believe that a victory for Kamala Harris, on the other hand, could lead to Bitcoin dropping in value.