Bitcoin briefly touches $75K for the first time as crypto boosted by Trump's election lead

Bitcoin ( BTC-USD ) on Tuesday for the first time smashed past the $74K mark and ever so briefly surpassed the $75K barrier as well, in the process also setting a new record high, after former U.S. President Donald Trump took a lead over Vice President Kamala Harris amid an ongoing count to decide the presidential election. BTC-USD was last +9% at $74,403.29. The world's largest cryptocurrency has received a shot in the arm lately after Trump embraced it as part of his election campaign - a marked departure from President Joe Biden's current government which has cracked down on the sector. Trump in July made an appearance at the annual Bitcoin Conference where he said he wanted to turn the U.S. into the "crypto capital of the planet and the bitcoin superpower of the world." The former U.S. President also said he would hold the cryptocurrency in a strategic national stockpile if re-elected. Trump this year became the first-ever major U.S. party nominee to accept donations in bitcoin ( BTC-USD ) and other crypto assets. Bitcoin ( BTC-USD ) and the crypto industry in general has received a lot of attention in 2024. At the start of this year, the U.S. Securities and Exchange Commission provided a boost after its long-awaited approval of spot bitcoin ( BTC-USD ) exchange-traded products. Not long after, bitcoin ( BTC-USD ) surged to a record high north of $73,000 in March, though it retreated after its last halving on April 19. Here are some bitcoin backed exchange-traded funds of interest: ( IBIT ), ( ARKB ), ( GBTC ), ( BRRR ), ( BTCO ), ( HODL ), ( BTCW ), ( FBTC ), ( BITB ), and ( EZBC ). For investors looking to track the elections through market instruments, here are some politically driven Republican and Democratic ETFs: God Bless America ETF ( YALL ) American Conservative Values ETF ( ACVF ) Point Bridge America First ETF ( MAGA ) Democratic Large Cap Core ETF ( DEMZ ) Unusual Whales Subversive Democratic ETF ( NANC ) Unusual Whales Subversive Republican ETF ( KRUZ ) Dear readers : We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion . More on Bitcoin Optimal Crypto Allocation For Portfolios A Look Back At Crypto ETFs Bitcoin Bull Market Intact As Risk Increases What does the U.S. election mean for crypto? Wall Street’s bullish on bitcoin miners turning to AI – should you be, too?