Crypto prices rise on Election Day as investors anticipate outcome

Cryptocurrency prices climbed on Tuesday amid a broader market rise as investors anticipate the outcome of the U.S. election.

Major cryptocurrencies saw prices increase on Election Day ahead of results being announced later in the day. Exchange traded funds (ETFs) based off of crypto assets also rose during Tuesday's trading.

Bitcoin was up more than 2.3% as of Tuesday afternoon at a price of $69,402 after having surpassed the $70,000 threshold earlier in the session.

Major bitcoin ETFs rose by an even higher amount through Tuesday afternoon. The iShares Bitcoin Trust ETF, ARK 21Shares Bitcoin ETF and Franklin Bitcoin ETF were each up over 3.2%, with the Fidelity Wise Origin Bitcoin Fund up nearly 3.1%.

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The price of ethereum increased over 1.3% on Tuesday and was trading at about $2,430 in mid-afternoon, after it briefly reached $2,476 a few hours earlier. The ProShares Ether ETF was up over 0.5%.

Ripple was up a little more than 1.5% in mid-afternoon trading after paring back some of its gains earlier in the day.

Dogecoin also pulled back some of its earlier gains but was up more than 6.4% in afternoon trading.

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Both of the two leading contenders for the presidency – former President Donald Trump and Vice President Kamala Harris – have vowed to boost the crypto industry if they win the White House.

Trump said at a bitcoin conference in July that he wants to make the U.S. the "crypto capital of the planet" and the "bitcoin superpower of the world" if he wins the election. 

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He said that he would replace Gary Gensler, the chair of the Securities and Exchange Commission (SEC), who has carried out a regulatory crackdown on the digital assets industry in an effort to root out bad actors. Trump said he would establish a crypto advisory council and that his administration would have a more favorable regulatory approach to digital assets.

Harris said in a September speech to Wall Street donors that her administration "will encourage innovative technologies like AI and digital assets while protecting consumers and investors," according to a Bloomberg report. "We will create a safe business environment with consistent and transparent rules of the road."

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The vice president hasn't stated whether she would remove Gensler as SEC chair if elected.