Crypto prices rise on election day as investors await the result

Cryptocurrency prices rose on Tuesday amid a broader market rise as investors await the outcome of the US election.

The prices of the most important cryptocurrencies continued to rise election day before the results are announced later in the day. Exchange-traded funds (ETFs) based on crypto assets also rose during trading on Tuesday.

Bitcoin rose more than 2.3% to a price of $69,402 on Tuesday afternoon after breaking above $70,000 earlier in the session.

The major Bitcoin ETFs rose even more through Tuesday afternoon. The iShares Bitcoin Trust ETF, ARK 21Shares Bitcoin ETF and Franklin Bitcoin ETF each gained over 3.2%, while the Fidelity Wise Origin Bitcoin Fund gained nearly 3.1%.

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Ethereum's price rose over 1.3% on Tuesday, trading at around $2,430 in the afternoon, after briefly hitting $2,476 a few hours earlier. The ProShares Ether ETF rose over 0.5%.

Ripple rose just over 1.5% in afternoon trading after erasing some of its gains earlier in the day.

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

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Former President Trump has said he wants to make the US the “cryptocurrency superpower of the world.” (James Devaney/GC Images / Getty Images)

The two leading presidential contenders – 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 wanted to make the US the “crypto capital of the planet” and the “Bitcoin superpower of the world” if he wins the election.

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Vice President Harris said she wants to promote the digital assets and AI industry. (CHARLY TRIBALLEAU/AFP via Getty Images / Getty Images)

He said he would replace Gary Gensler, chairman of the committee Securities and Exchange Commission (SEC)who has implemented a regulatory crackdown on the digital asset industry to root out bad actors. Trump said he would create a crypto advisory board and that his administration would take a more favorable regulatory approach to digital assets.

Harris said in a speech to Wall Street lenders in September that her administration will “promote 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 traffic rules.”

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The vice president has not indicated whether she would remove Gensler as SEC chair if elected.