Bitcoin has surged more than 3% in the past hour, reaching a high of $71,500 as the market reacted to Donald Trump's initial lead in the U.S. elections.
However, the price of Bitcoin has slightly decreased to $71,309 at the time of publication, according to TradingView data.
Bitcoin has surged over 3% in an hour to reach a high of $71,500. Source: TradingView
Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have increased by 5% and 3% respectively during the same period, while Ether (ETH) and Solana (SOL) rose by 1.9% and 2.6%, according to CoinGecko data.
The price surge occurs as Republican candidate Donald Trump currently leads Democratic opponent Kamala Harris with 95 electoral votes to 35, according to election data from the Associated Press.
Cryptocurrency assets have shown increased volatility amid the elections, with Bitcoin (BTC) dropping 2.4% to a local low of $68,755 at 8:00 PM UTC.
DOGE and SHIB also experienced some downward volatility during that period but still rose by 11.2% and 8.5% in the past 24 hours, data from CoinGecko shows.
The price volatility of the 10 largest cryptocurrencies by market capitalization. Source: CoinGecko
The DOGE price surge occurs as billionaire Elon Musk continues his campaign supporting Trump and the connection of the meme coin with Musk's 'Government Efficiency Bureau' movement — aimed at cutting government spending that Trump and Musk deem wasteful.
Some market observers have predicted that market volatility will peak sharply after the election concludes, which Bitfinex analysts believe could 'trigger significant moves' or create 'a deeper correction' in Bitcoin's price.
A trader stated that he expects Bitcoin's price to fluctuate 'at least' 10% in either direction once the election is confirmed.
Bitcoin's volatility index — a measure of BTC's future volatility — reached a new three-month peak of 65.7 on November 3 but has since dropped to 63.8 at the time of publication, according to data from the cryptocurrency derivatives exchange Deribit.
Vote counting has begun in eight states, with Trump currently leading Harris 23 to 3 in electoral votes.
The first polls will close on November 5 at 11:00 AM UTC.
The final results of the U.S. elections may be announced a few hours after the polls close or may take several days — as narrow winning margins in battleground states may require a recount.
Volatility could be further increased by the Federal Reserve's Open Market Committee meeting on November 7, with current forecasts predicting a 94.1% chance of interest rates being cut by an additional 25 basis points.
Stay tuned @TinTucBitcoin for the latest updates.
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