Bitcoin reached a new record high of $75,000, surging more than 8 percent, coinciding with former President Donald Trump's early lead in the U.S. presidential election.

Investors are optimistic that a Trump victory could benefit the digital asset sector, aligning with his campaign promises to position the U.S. as a global crypto hub.

The price movement of Bitcoin has closely followed Trump's standing in betting markets, indicating a strong correlation between his electoral prospects and investor sentiment in the crypto space. Last week, Bitcoin experienced a 4 percent decline to $70,000 when Trump's lead narrowed, demonstrating the sensitivity of crypto investors to political developments.