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 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%.

Bitcoin hit a record high as investors cheered Trump's election victory on Wednesday. Crypto players are hopeful that Trump's presidency will boost digital assets. Other Trump trades, including bank shares and Tesla stock, also rallied in Wednesday trading.