Bitcoin surges to $75,000, a new record, as traders bet Trump has election edge

Bitcoin rallied to an all-time high of $75,000 overnight as investors speculated on the outcome of the U.S. election. The price of the cryptocurrency hit a record high as former President Donald Trump gained an edge in the Electoral College. Bitcoin has been trading in a narrow range below $70,000 for most of the year, but saw a significant increase as Trump took an early lead in key states. Investors are expecting choppy trading until a clear winner is declared, with potential downside risk if Vice President Kamala Harris wins and a price bump if Trump emerges victorious. The election is seen as crucial for the crypto industry, with many viewing a Harris win as a threat and Trump as a supporter of the industry. Bitcoin is considered a hedge against potential fiscal and monetary policies that may devalue the dollar and increase inflation.