As election results poured in on and after election day, Bitcoin crossed a new all-time high as it broke through $74,000.

Donald Trump reclaimed the presidency after reaching 270 electoral college votes, and odds of a Republican sweep continued to rise as congressional results poured in. Republicans regained control of the Senate in powerful fashion, after former head of the Senate Banking Committee Sherrod Brown was ousted from the seat he has held since 2007 by challenger Bernie Moreno.

While results of House races were too close to call for control, odds of a Republican sweep surged to hit 97% on betting site Polymarket as of Wednesday morning. Since polls first closed Tuesday night, Bitcoin had surged 7%.

Other cryptocurrencies also surged, with Ethereum rising 8% and Elon Musk's favored Dogecoin rising another 17%.

To be sure, many margins in plenty of races were still close enough to need more time to call.

Analysts had predicted ahead of the election that a Republican sweep would be the most bullish scenario for crypto and Bitcoin's price. Almost all of the key races watched by crypto advocates went to Republicans, with the exception of Senator Elizabeth Warren's race against pro-crypto challenger John Deaton.

Fundstrat's Head of Digital Asset Strategy Sean Farrell, who had previously predicted Bitcoin will cross $115,000 by the end of the year had said the reaction would be fast as results trickled in.

"We likely see a lot of volatility as leverage pours into the market, but the direction is clear, and the trajectory will be sharp," he wrote in a new research note. "We think it is right to expect a violent binary reaction to the election results (Trump higher, Harris lower), but eventually, we will resume trading in concert with changes in the macro backdrop."

As the election is settled, investors will have to immediately grapple with a Fed decision on Wednesday. Investors have assigned about a 97% chance of a 25-basis point rate cut when Fed Chair Jerome Powell explains the agency's logic at 2 p.m. on Wednesday.