Jakarta. The crypto market saw a sharp rally over the past 24 hours, buoyed by investor sentiment surrounding the US presidential election. As of 10:00 a.m., AP data indicated that Republican candidate Donald Trump is leading, though the results remain too close to call.

According to CoinMarketCap data on Wednesday,  at 10:20 a.m. Jakarta time, the global crypto market cap soared 8.37 percent to reach $2.45 trillion in the last 24 hours. Bitcoin (BTC), the largest cryptocurrency by market cap, jumped 8.61 percent over the same period, bringing its price to $73,867 per coin, equivalent to Rp 1.17 billion.

Other major cryptocurrencies saw similar gains. Ethereum (ETH) climbed 7.26 percent to $2,588 per coin, while Binance Coin (BNB) increased by 4.96 percent, reaching $582 per coin.

Financial analyst Panji Yudha from Ajaib Kripto said that Trump’s support for Bitcoin is expected to boost growth in the crypto sector following the election.

“The US election will likely shape the regulatory landscape for crypto assets, with different approaches from the SEC and CFTC. SEC Chairman Gary Gensler’s policies have often been criticized as overly strict,” Panji said in his research.

Investors are closely watching the US election in hopes that a change in leadership might encourage innovation in the digital asset sector. Some even hold out hope that similar support for crypto could come from Democrats if Kamala Harris wins.

“Trump has previously promised to fire Gensler if re-elected, raising optimism among crypto investors. Additionally, his commitment to making Bitcoin a strategic reserve for the US and self-styling as the ‘Crypto President’ has further boosted market confidence,” Panji added.

Historically, Bitcoin prices have tended to rise after US elections. During the 2020 election, BTC surged 28.24 percent leading up to the election and 42.06 percent afterward; in the 2016 election, BTC saw increases of 14.99 percent and 8.43 percent, respectively. This trend is attributed to market expectations for crypto-friendly policies from the incoming administration. 

Meanwhile, US election results are still unfolding. Polls have closed in crucial battleground states, including Pennsylvania, Georgia, Michigan, Arizona, Wisconsin, and North Carolina, yet the outcomes remain undecided.

Both candidates need 270 electoral votes to claim the presidency. As of 10:00 a.m. in Jakarta, Trump led with 198 electoral votes, while Harris held 99 votes.

Trump secured Florida, a state that has leaned Republican in recent election cycles, as well as GOP strongholds like Texas, South Carolina, and Indiana. Harris claimed Democratic bases such as New York, Massachusetts, and Illinois.