The price of bitcoin shot above $14,200 for the first time in 2020, bringing the cryptocurrency to a new high for the year.
Market data from TradingView indicates that major markets reached highs in the $14,260-$14,270 range. Coinbase, for example, saw a spike to $14,273.60 — at time of writing, BTC is trading hands on the U.S.-based exchange at around $14,170.
All told, bitcoin's price is up about 3% on the day.
The development comes as the U.S. presidential election results are still being tabulated, with incumbent President Donald Trump and challenger Joe Biden both looking at the prospect of narrow victories. Equity markets appear to be reacting positively to the results thus far — the Nasdaq is up 4.45% at time of writing, and the Dow Jones Industrial Average is up 2.75%.
The price of gold is down 0.76% at time of writing, according to Kitco data.