Bitcoin experienced a sharp rise on Tuesday, briefly reaching nearly $75,000 on the Binance trading platform, as Republican candidate Donald Trump appeared poised for a potential return to the U.S. presidency. This surge marks a significant jump of approximately 9.26%, surpassing Bitcoin’s previous high of $73,778, before stabilizing between $74,200 and $74,300. Ethereum and other cryptocurrencies have also seen similar gains amid market optimism linked to Trump’s crypto-friendly stance.

The surge coincided with preliminary voting results hinting at Trump leading against Democratic rival Vice President Kamala Harris. During his campaign, Trump has made several appeals to crypto investors, promising to treat them “very fairly” and vowing to counter what he described as previous mistreatment by the U.S. Securities and Exchange Commission (SEC). In a symbolic move, he even used Bitcoin for a transaction at a New York bar in September, becoming the first former U.S. president to make a public payment with the cryptocurrency.

This crypto rally reflects investor optimism that a Trump administration would usher in a more lenient regulatory environment, contrasting with the more restrictive policies seen under President Joe Biden. Many investors speculate that another Trump presidency could ease regulations, spurring greater adoption and growth in the crypto market. Conversely, experts suggest that a Harris victory might see Bitcoin’s value retreat, as her administration is expected to maintain a more conservative approach to crypto regulation.