Bitcoin surged overnight to a new all-time high of $75,000 as investors speculated that former President Donald Trump was gaining an edge in the U.S. election.

The cryptocurrency’s price rose 7% after Trump took an early lead in key states, with expectations that a victory for him could boost Bitcoin, while a win for Vice President Kamala Harris might lead to price declines.

Bitcoin’s price movements are influenced by election outcomes, as seen in past cycles, and the market is anticipating volatility until the election results are confirmed, CNBC has reported.

Many view Trump as more favorable for crypto, while Harris is seen as a potential threat to the industry.

Written by B.C. Begley