Bitcoin and crypto market jumps following Trump's lead in early election results

• Bitcoin has risen over 5% as early estimates of election results suggest Donald Trump is leading Harris.
• Polymarket odds of a Trump victory have skyrocketed over 70%.
• Anti-crypto Senator Warren defeats John Deaton to win the Massachusetts senate seat.

Bitcoin (BTC) is up 5% in the early Asian session on Wednesday and is fast rising after estimated election results from a few states pour in. According to estimates, Republican candidate Donald Trump has won Florida, Tennessee, Missouri, Alabama and Oklahoma. Democrat candidate Kamala Harris has won Massachusetts, Maryland, Rhode Island, and Connecticut.

Bitcoin and altcoin prices seem to be mimicking the chances of Donald Trump's win, as the top cryptocurrency briefly touched $71,500. Altcoins are also rising rapidly, adding over $50 billion in market capitalization since Tuesday.

Crypto investors largely favor a Trump win due to his promises of establishing clear crypto regulations including replacing current Securities & Exchange Commission (SEC) Chair Gary Gensler.

With Trump currently leading in the early results, Polymarket odds of a Trump victory surged over 70% for the first time on the platform. Tesla and SpaceX CEO Elon Musk had predicted an outrageous 70% Trump lead over Harris in the elections.

Warren defeats Deaton in Massachusetts

Meanwhile, Sen. Elizabeth Warren, who has been championing an anti-crypto movement, defeated crypto advocate John E Deaton to win the Massachusetts senate seat.

Warren who’s a member of the Senate Banking Committee which oversees the SEC could end up as Chair of the committee if Democrats retain the senate, according to Fox Business Eleanor Terrett.