Bitcoin Surpasses $75,000 Amid Trump’s Early Lead
On November 6, Bitcoin hit a new all-time high, reaching $75,000, surpassing its previous record of $73,800 from March. This rise followed early results in the U.S. elections indicating Donald Trump’s lead, prompting traders to invest heavily in cryptocurrencies.
At the start of New York trading, Bitcoin initially strengthened by more than 3%, reaching an intraday high of $70,577 as heightened volatility around the presidential election strongly impacted the crypto market.
After U.S. markets closed on November 5, Bitcoin continued its rally, reaching a new all-time high of $75,000.85 on Coinbase at 3:08 UTC on November 6, according to TradingView.
Trump’s Election Results Boost Bitcoin’s Growth
Early results from the Associated Press showed Trump in the lead, winning 198 electoral votes at 3:30 UTC on November 6, compared to Kamala Harris’s 112. A minimum of 270 electoral votes is needed for a win. At the time of writing, Bitcoin is trading at $74,339, up 7.2% over the past 24 hours.
Traders View Trump’s Victory as Positive for Bitcoin
Throughout 2024, traders have shown optimism about Bitcoin’s potential growth should Republican candidate Donald Trump win, with both main candidates addressing cryptocurrency regulation during their campaigns. On November 5, Bitcoin analyst Tuur Demeester noted that favorable news for Trump was linked to Bitcoin’s price increase.
Is Bitcoin’s Rally Linked to Trump’s Rising Odds?
Bitcoin’s price seems to align with Trump’s rising odds on the decentralized prediction market Polymarket. On November 5, Bitcoin once again rose above $70,000 as Trump’s projected odds of winning climbed above 60%, while Harris’s fell below 39%.
Bitcoin’s Price Volatility Expected to Persist Post-Election
Despite reaching an all-time high, traders expect Bitcoin to remain volatile. On November 4, Spot Bitcoin ETFs saw massive outflows totaling $541.1 million, including sales from Fidelity, ArkInvest, Bitwise, Grayscale, and GBTC, while BlackRock’s IBIT recorded an inflow of $38.3 million.
The Bitcoin options market also showed various protective measures. Tony Stewart, founder of Pelion Capital, discussed market reactions, while Cointelegraph analyst Marcel Pechman noted that traders are optimistic about price levels between $72,000 and $75,000.
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