Bitcoin Hits All-Time High of $75,000 Amid U.S. Election Buzz

The catalyst behind this price rally appears to be tied to the U.S. presidential election results, where early returns show Donald Trump ahead in the race.

US Election Sparks Bitcoin's Surge

Bitcoin's impressive rise began on November 5 when the U.S. elections injected volatility into the market. As polling stations closed and more results trickled in, Bitcoin's price shot up over 3%, reaching an intra-day high of $70,577. 

By early morning on November 6, Bitcoin had surged past its previous all-time high, hitting $75,000.85 on Coinbase, according to TradingView.

Traders anticipated that a Trump presidency might bring favorable policies for risk assets, including cryptocurrencies.

The 'Trump Trade' and Its Impact on Crypto

Trump has been vocal about his support for the digital asset industry, a message that has resonated strongly with crypto enthusiasts. His promise to fire SEC Chairman Gary Gensler and establish a national Bitcoin reserve has generated excitement. 

Gensler’s regulatory policies, which have often been seen as unfavorable to cryptocurrencies, have made him a target among crypto advocates. Trump's proposed initiatives have further fueled expectations that the digital currency sector could thrive under his leadership.

Bitcoin’s Volatility: A Continuing Theme

However, BlackRock’s IBIT ETF saw inflows of $38.3 million. Adding to that, Bitcoin spot ETFs also saw $116.9 million in outflows on Nov. 5.

While Bitcoin’s price surge is significant, experts warn that it may not be sustained without adjustments in investor positioning. 

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