Bitcoin (BTC-USD) broke above $75,000 early Wednesday morning — a record high — as the crypto space rallies on Donald Trump's victory in the 2024 presidential election, an upward trend overtaking equity markets as well. Bitcoin was considered to be a part of the "Trump Trade" as holders backed the likelihood of a second Trump presidency in the lead-up to the election.

Morning Brief welcomes on Axios crypto reporter Brady Dale to speak more about President-Elect Trump's relationship with the crypto community.

"The first thing is probably he's going to get a new SEC [Securities and Exchange Commission} chair, someone else who is not going to be quite so hostile to the industry, isn't going to sue all of the best companies in the space," Dale hypothesizes. "And I think on that question is just what happens to all these lawsuits and threats of lawsuits — Do do a lot of settlements happen? Do they just get thrown out? Because these companies need to know that they can move forward."

Brady — the author of SBF: How The FTX Bankruptcy Unwound Crypto's Very Bad Good Guy — describes cryptocurrency traders as being "confident" in the fact that Trump will follow through on some of his crypto policy promises, which could lead a push into stablecoin adoption.

Follow along Yahoo Finance's extensive coverage of the stock market reactions to the 2024 election results:

Stock market today: Dow, S&P 500, Nasdaq futures soar as Trump triumphs
Donald Trump has won the 2024 election. Here's what's next on 2 key economic issues.
Wall Street scores political victory with a Trump win: 'This should aid all banks'
Tesla stock soars by double digits after Trump win
DJT stock surges in premarket trading as Trump clinches election win
Here's how my 'Trump trade' is doing
7 'election trades' Citi is watching

To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.

This post was written by Luke Carberry Mogan.