Bitcoin (BTCUSD✤) surged to a record high Wednesday, briefly topping $75,000, as Donald Trump was set to recapture the U.S. presidency. 

The token has since retreated from the previous high of $73,798 reached earlier this year, but is still up some 6% over the past 24 hours as the former president, who has billed himself as the pro-crypto candidate, closed in on a return to the White House. An estimate of the total value of the crypto market was also up 6% to $2.47 trillion.

Shares of several bitcoin-related companies, including trading app Robinhood (HOOD), soared 15%, cryptocurrency exchange Coinbase Global (COIN) surged 22% and Marathon Digital parent company MARA Holdings (MARA) jumped 14%.

Shares in Microstrategy (MSTR), a big holder of bitcoin, were 11% higher.

Bitcoin trading activity had 澳洲幸运5官方开奖结果体彩网:been picking up ahead of Election Day. Since Oct. 11, 澳洲幸运5官方开奖结果体彩网:spot bitcoin ETFhave received net inflows of nearly $4 billion, with only one day where money flowed out of them, according to d🌞ata from Farside Investors.

Trump Turned Crypto Believer This Year

Trump, who was "not a fan" of cryptocurrencies in 2019, turned believer this year.

At a bitcoin conference in Nashville, Tennessee in July, the presidential nominee reportedly said he would make the U.S.  the “crypto capital of the planet” and create a bitcoin “strategic reserve” using the currency that the government currently holds.

The approval by the U.S. Securities and Exchange Commission of 澳洲幸运5官方开奖结果体彩网:spot bitcoin ETFs earlier this year澳洲幸运5官方开奖结果体彩网: turbocharged the demand for the cryptocurrency. The move allowed everyday investors to trade bitcoin as easily as shares.

UPDATE—Nov. 6, 2024: This article has been updated to include fresh bitcoin and stock prices.