Bitcoin jumped nearly 8% in early trading, climbing above $75,000 and smashing its previous record set in March. Other cryptocurrencies also soared, including ether, the world’s second most popular cryptocurrency after bitcoin, which rallied 8%.

Crypto assets rose as investors bet that a second Trump administration will widen fiscal deficits and boost bitcoin as a hedge against higher inflation.

Bitcoin jumped to a record high, part of a wave of trades across global markets in response to Donald Trump emerging victorious over Democratic rival Kamala Harris in the US presidential election.Most Read from BloombergParis Restricts Through Traffic in City CenterFrom Housing to Immigration,