Originally published on: November 06, 2024
In a surprising turn of events, Bitcoin reached a new all-time high of over $75,000 on Nov. 6, surpassing its previous peak of $73,800 in March. This surge came as traders flocked to cryptocurrency following early election results showing Donald Trump taking the lead in the United States.
At the New York open, Bitcoin (BTC) displayed strength, surging over 3% to reach an intra-day high of $70,577 as election-related volatility swept through the crypto market. Hours later, after the US trading day concluded on Nov. 5, Bitcoin broke records, hitting $75,000.85 at 3:08 am UTC on Nov. 6 on Coinbase, according to TradingView.
With early election results from the Associated Press favoring Trump with 198 electoral college votes compared to Kamala Harris’ 112, the race intensified. Trump held the lead as several states on the US West Coast and key battleground states awaited final results.
As of now, Bitcoin is trading at $74,339, marking a 7.2% increase over the past 24 hours. Traders have long speculated about Bitcoin’s price potential in the event of a Trump victory, with both Republican and Democratic candidates shaping their policies around cryptocurrency regulations throughout the year.
Bitcoin analyst Tuur Demeester hinted that positive election news for Trump could be linked to the surge in Bitcoin price. Moreover, Bitcoin’s price appears to be mirroring Trump’s rising odds on the prediction market Polymarket.
Despite the monumental surge, market participants anticipate ongoing volatility in Bitcoin’s price. Recent data showed robust outflows from various Spot Bitcoin ETFs, with total outflows hitting $541.1 million. Additionally, protective measures in the Bitcoin options market indicate a cautious approach among investors.
The future remains uncertain, but one thing is clear – the world of cryptocurrency is closely intertwined with the political landscape, creating a thrilling and unpredictable environment for traders and investors alike.
