Crypto assets surged on Wednesday, as Bitcoin (BTC) broke through the $76,000 mark for the first time, buoyed by optimism from Donald Trump's presidential victory.

Bitcoin reached a record high of $76,330, representing a 9.5% increase over the previous 24 hours. Meanwhile, Ethereum’s ether (ETH) rose to just below the $2,700 threshold, marking an 11% jump. The broad-market CoinDesk 20 Index also showed an increase of 10.7%.

Market Highlights

• Coinbase's shares advanced 31%, leading gains among digital asset-related stocks.
• Bitcoin miners such as Riot Platforms (up 20%–25%), and other crypto asset firms joined the rally.

The rise was in line with a broader market trend, with the Nasdaq and S&P 500 rising by 3% and 2.5%, respectively, after Trump’s win in the elections.

David Lawant, head of research at FalconX, mentioned, "It's hard to think how the election outcome could have landed better for the industry." He noted expectations for potential regulatory changes that may further support the crypto market's growth.

Total liquidations across crypto assets reached $592 million, with about $390 million coming from leveraged shorts, marking one of the largest short squeezes in recent history.

As the market digests the implications of the election results, the focus will shift to the Federal Open Market Committee's upcoming meeting where interest rates may see adjustments.