Bitcoin reaches a new record above $75,000, DOGE rises 30%, as Trump takes the lead.

Bitcoin surged to a new record high of $75,000 on cryptocurrency exchanges Binance, Coinbase, and others on Wednesday morning in Asia as election results favored cryptocurrency-supporting Republican candidate Donald Trump.

BTC has risen 9% in the past 24 hours, and surged strongly in the last two hours along with Trump’s odds on Polymarket, where players currently give him an 85% chance of winning the U.S. presidential election.

Most cryptocurrency traders view Trump’s victory as a bullish move for the market compared to Democrat Kamala Harris, who is not seen as very friendly towards cryptocurrencies.

Meanwhile, DOGE has also risen nearly 30% in the past 24 hours, extending its 30-day increase to over 83%, becoming the best-performing token in the top 10.

The reason for DOGE's price increase is believed to be Elon Musk's strong support for Donald Trump.

The optimistic sentiment towards DOGE is showing signs of spreading to dog-themed tokens, with Shiba Inu (SHIB), Floki (FLOKI), and Bonk (BONK) rising more than 10%.

Early trends from Fox News show Trump winning in Kentucky, Florida, West Virginia, and four other electoral votes, outpacing opponent Kamala Harris. At the time of writing, Trump leads with a score of 216 to Harris's 193.