Bitcoin prices are rising as election results are known

Bitcoin rose more than 8% to $74,659 around 10:08 p.m. EST on Tuesday before briefly falling below $74,000.

The increase comes as more states close polls and comes with increasingly favorable betting odds for Trump's victory on platforms like Polymarket, Kalshi and PredictIt.

Bitcoin has surged ahead of Election Day, surpassing $73,000 last week – a seven-month high for the cryptocurrency.

Trump, who calls himself the “crypto president” and has promised to be more crypto-friendly than Harris or President Joe Biden, also saw a strong boost for his media company Trump Media & Technology Group, which rose more than 10%. to $37.48 in after-hours trading, after closing at $33.94 on Tuesday.

Shares of Tesla, the electric car maker led by billionaire Trump supporter Elon Musk, rose nearly 3% to $258.70 in after-hours trading after closing at $251.44 earlier Tuesday.