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.

While the race for the White House seemed like a dead heat, crypto investors remained confident in a Trump win. When those hopes were realized early on Wednesday, industry leaders took a victory lap as Bitcoin reached an all-time high.