Originally published on: November 06, 2024
Bitcoin saw a rapid increase of over 3% in just an hour, hitting a high of $71,500 in response to early results favoring Donald Trump in the US election. While the price has slightly pulled back to $71,309, the market remains volatile.
During the same period, popular memecoins like Dogecoin and Shiba Inu also experienced gains of 5% and 3% respectively. Other cryptocurrencies such as Ether and Solana also saw modest increases, reflecting the overall market sentiments.
The crypto market is closely watching the electoral college votes where Trump leads Harris by a margin of 95 to 35. As the results unfold, analysts predict heightened volatility that could lead to significant price swings in Bitcoin and other assets.
Market pundits anticipate a surge in volatility post-election, with potential for big moves or deeper corrections. Some traders predict Bitcoin prices to swing at least 10% once the election outcome is announced.
As the US election drama unfolds, the Federal Reserve’s upcoming meeting on Nov. 7 adds another layer of uncertainty. With expectations of interest rate cuts, coupled with election results, the market is bracing for more turbulence.
Keep up with the latest updates on market trends and investment insights by subscribing to the Markets Outlook newsletter. Stay informed to make informed decisions in this dynamic landscape. Subscribe now to receive valuable insights every Monday.
