Bitcoin surges past $73,500 as US election speculation fuels demand

Bitcoin surged to $73,577 in early Asian trade on Wednesday, just $173 shy of its all-time high of $73,750, as investors closely monitored the upcoming US presidential election.

However, by 10:40 AM, the leading cryptocurrency was trading 2.2% higher around $72,333.

The surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has emerged as the pro-crypto candidate.