Investing.com-- Bitcoin rose to a record high on Wednesday as early vote counting showed Donald Trump well ahead in the 2024 presidential elections, boosting hopes for more friendly regulation.

The world’s biggest cryptocurrency surged nearly 10% to a record high of $74,847.2. 

Broader crypto prices also rallied, with world no.2 crypto Ether rising 9.1% to $2,622.90.

Crypto prices shot up sharply after vote counting as of 22:10 ET (03:10 GMT) showed Trump in the lead with 198 electoral votes, while Kamala Harris held 109 votes.

Coverage by the Associated Press showed Trump was also leading in battleground states Pennsylvania, Arizona, North Carolina and Wisconsin. 

Crypto markets cheered the prospect of a Trump presidency, given that he has maintained a largely pro-crypto stance in campaigning, and has also promised to enact friendly regulation for the industry.