Bitcoin surged to a new all-time high just over $75,000 on various crypto exchanges during the early morning hours in Asia, as results favorable to pro-crypto Republican Donald Trump began to emerge.

BTC increased by 7.5% within the last 24 hours, trending upward significantly in the last two hours as Trump's odds on betting platform Polymarket saw a rise, now giving him an 85% chance of winning the presidency. Many traders believe that a Trump victory would be bullish for the crypto market compared to Kamala Harris, who is not seen as very crypto-friendly.

Part of Bitcoin's price increase can be linked to a $94 million liquidation of bearish bets against the cryptocurrency, according to Coinglass data. Additionally, Bitcoin is currently trading at a significant premium on Coinbase, indicating renewed demand from U.S. traders.

Meanwhile, DOGE has risen nearly 20% since Tuesday, leading to a 30-day increase of over 65%, establishing it as the best-performing major cryptocurrency. The futures markets for DOGE have also seen significant activity, with over $30 million in short liquidations in the past 24 hours.

Elon Musk has shown support for the token, proposing a Department of Government Efficiency—abbreviated as D.O.G.E—as part of the Republican campaign to enhance government spending efficiency. A parody D.O.G.E token on Ethereum saw a 77% rise in the last day, illustrating the echoing bullish sentiment within the community.

Early exit polls by the Associated Press indicate Trump winning Kentucky, Florida, West Virginia, and a total of 198 electoral votes, in contrast to Kamala Harris at 99 votes.