Donald Trump

Bitcoin

Shiba Inu

Bitcoin briefly rallied over 3% over the last hour reaching as high as $71,500 as markets respond to Donald Trump’s early lead in the United States election.
The price of Bitcoin has since retraced slightly to $71,309 at the time of publication, according to TradingView <a data-ct-non-breakable="null" href="https://www.tradingview.com/chart/?symbol=COINBASE%3ABTCUSD" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://www.tradingview.com/chart/?symbol=COINBASE%3ABTCUSD">data</a>.
<figure><img alt="Markets, Donald Trump, Kamala Harris, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/0192ff04-d98d-7468-a6b1-5519c24cff21" title="">
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 Bitcoin rallied over 3% in an hour to reach as high as $71,500. Source: TradingView
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</figure>
Memecoins Dogecoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/doge-price-index" rel="noopener noreferrer nofollow" target="null" text="null" title="null">DOGE</a>) and Shiba Inu (<a data-ct-non-breakable="null" href="https://cointelegraph.com/shiba-inu-price-index" rel="noopener noreferrer nofollow" target="null" text="null" title="null">SHIB)</a>&nbsp;soared even higher at 5% and 3% over the same timeframe, while Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">ETH</a>) and Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow" target="null" text="null" title="null">SOL</a>) increased&nbsp;1.9% and 2.6% too, CoinGecko <a data-ct-non-breakable="null" href="https://www.coingecko.com/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">data</a> shows.
The rally comes as Republican candidate Donald Trump currently leads Democratic candidate Kamala Harris 95 to 35 in electoral college votes, according to election <a data-ct-non-breakable="null" href="https://apnews.com/projects/election-results-2024/" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://apnews.com/projects/election-results-2024/">data</a> from the Associated Press.
Crypto assets have shown heightened volatility amid the election, with Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) falling 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 are still up 11.2% and 8.5% over the last 24 hours, CoinGecko <a data-ct-non-breakable="null" href="https://www.coingecko.com/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">data</a> shows.
<figure><img alt="Markets, Donald Trump, Kamala Harris, US Elections 2024" src="https://s3.cointelegraph.com/uploads/2024-11/0192fefa-c1b6-70d2-86fe-dbcc28409a6c" title="">
 <figcaption style="text-align: center;">
 Price movements of the top 10 largest cryptocurrencies by market cap. Source: CoinGecko
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</figure>
DOGE’s rally came as billionaire Elon Musk <a data-ct-non-breakable="null" href="https://x.com/elonmusk/status/1853918850925957458" rel="noopener noreferrer nofollow" target="null" text="null" title="null">continued</a> his campaign of support for Republican candidate Donald Trump and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/elon-musk-discusses-doge-cabinet-position-economics-trump-rally" rel="noopener noreferrer nofollow" target="null" text="null" title="null">the memecoin’s ties</a> to Musk’s “Department of Government Efficiency” movement — aimed at cutting government spending that Trump and Musk consider wasteful.
Several market pundits have predicted that market volatility will <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/calm-before-the-storm-bitcoin-volatility-stalls-as-markets-await-election-results-bitfinex" rel="noopener noreferrer nofollow" target="null" text="null" title="null">peak sharply following the election</a> being called, which Bitfinex analysts could either “fuel big moves” or result in a “much deeper correction” for Bitcoin’s price action.&nbsp;
One trader said he expects<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-move-10-depending-us-election-analyst" rel="noopener noreferrer nofollow" target="null" text="null" title="null"> the price of Bitcoin to swing</a> “at least” 10% in either direction once the election is called.
Bitcoin’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/volatility-the-necessary-evil-of-cryptocurrency-and-how-to-handle-it" rel="noopener noreferrer nofollow" target="null" text="null" title="null">volatility index</a> — a score of BTC’s forward-looking volatility — notched a new three-month high of 65.7 on Nov. 3 but has since stumbled to 63.8 at the time of publication, <a data-ct-non-breakable="null" href="https://www.deribit.com/statistics/BTC/volatility-index/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">data</a> from crypto derivatives exchange Deribit shows.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/betting-volumes-near-4-billion-us-election-day" rel="noopener noreferrer nofollow" target="null" text="null" title="null">US presidential race bets near $4B on election day</a>
The vote count has already begun in eight states, with Trump currently leading Harris 23 to 3 in electoral college votes.&nbsp;
The first polls close on Nov. 5 at 11:00 am UTC.
The outcome of the US election could be announced anywhere from hours after polls close to several days later — as narrow margins of victory in swing states may require recounts.
Volatility could be exacerbated by the US Federal Reserve’s Federal Open Market Committee<a data-ct-non-breakable="null" href="https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm" rel="noopener noreferrer nofollow" target="null" text="null" title="null"> </a><a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-election-fed-rate-cut-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow" target="null" text="null" title="null">meeting on Nov. 7,</a> with current<a data-ct-non-breakable="null" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?utm_source=google&amp;utm_medium=paid_search&amp;utm_campaign=2024_australia_country_plan&amp;gad_source=1&amp;gclid=CjwKCAjwyfe4BhAWEiwAkIL8sAFk-UKqgZ52z9P5F4OslvIAV38tQqRBJ-jfaHSi3y4wpVgLXb2xbRoCRd0QAvD_BwE&amp;gclsrc=aw.ds" rel="noopener noreferrer nofollow" target="null" text="null" title="null"> forecasts</a> projecting a 94.1% chance that interest rates will be cut by another 25 basis points.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoiners-all-in-trump-since-bitcoin-2024-getting-risky/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoiners are ‘all in’ on Trump since Bitcoin ’24, but it’s getting risky</a>

Bitcoin jumps above $71k as markets await US election results

Cointelegraph

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