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<p>The crypto market is buzzing with excitement as Bitcoin surges past $75,000, reaching a record high amid increasing speculation that former President Donald Trump has an edge in the closely contested U.S. election. The world’s largest cryptocurrency jumped 7% overnight, hitting an unprecedented $75,000, fueled by investor bets on Trump’s potential win, which they believe could signal a bright future for the crypto industry.</p><h3 id="bitcoin-breaks-new-ground-at-75-000">Bitcoin Breaks New Ground at $75,000</h3><p>Data from Coin Metrics confirmed Bitcoin’s latest milestone as it soared to $75,000 before settling slightly lower at $74,392. With the currency previously hovering below $70,000 for much of the year, this new record signals growing confidence among traders and investors as the U.S. presidential election unfolds.</p><p>Trump’s campaign has maintained a pro-crypto stance, pledging sweeping support for the industry. His plans include firing current Securities and Exchange Commission (SEC) Chair <a href="https://x.com/GaryGensler" rel="noopener noreferrer nofollow">Gary Gensler</a>, supporting Bitcoin mining on American soil, creating a strategic Bitcoin reserve, and resisting the launch of a U.S. central bank digital currency (CBDC). With Trump’s early lead in the electoral college vote count, the market appears to be pricing in the possibility of a pro-crypto administration.</p><p>Ryan Rasmussen, Head of Research at Bitwise Asset Management, highlighted the magnitude of the election’s impact on the cryptocurrency market. “The election is having a massive influence on crypto. If Trump wins, I believe we’ll see new all-time highs,” Rasmussen stated. He added that a victory for Kamala Harris would likely bring an initial dip in Bitcoin’s price, although he remains confident about Bitcoin’s long-term upward trajectory regardless of the outcome.</p><h3 id="election-day-volatility-mirrors-historical-bitcoin-rallies">Election Day Volatility Mirrors Historical Bitcoin Rallies</h3><p>Historically, election years have aligned with Bitcoin’s most significant bull runs, fueled by Bitcoin’s halving cycles, which tighten Bitcoin’s supply, as well as by post-election Federal Reserve policy shifts. In 2012, 2016, and 2020, Bitcoin saw returns of 87%, 44%, and 145%, respectively, in the 90 days following Election Day. This year, market experts are optimistic that Bitcoin’s price will rally further on the back of election-driven optimism and potential interest rate cuts from the Federal Reserve.</p><p><a href="https://cryptoquant.com/" rel="noopener noreferrer nofollow">CryptoQuant</a> analyst Julio Moreno suggests Bitcoin was trading at a fair valuation just below $70,000 heading into election day, leaving room for further upside. “If the election proves to be a positive catalyst in the coming days, Bitcoin can rally and is poised to establish a new record,” Moreno explained.</p><h3 id="market-awaits-bitcoin-s-next-move-in-uncharted-territory">Market Awaits Bitcoin’s Next Move in Uncharted Territory</h3><p>The surge in Bitcoin has also been met with bullish responses in the equities market. Crypto-related stocks, including Coinbase and MicroStrategy, saw after-hours gains as Bitcoin’s price spiked, reflecting heightened market enthusiasm for the industry as a whole.</p><p>However, with the election outcome still undecided, investors are preparing for potentially sharp price swings. According to <a href="https://x.com/jlldavies" rel="noopener noreferrer nofollow">James Davies</a>, CEO of Crypto Valley Exchange, “Almost everyone is set up to react. There’s likely to be massive short-term volatility whichever outcome.”</p><p>Regardless of immediate fluctuations, crypto enthusiasts view this election as pivotal. Trump’s platform directly aligns with many crypto ideals, from decentralization to financial freedom, whereas Kamala Harris’s stance is viewed with more caution. With both candidates presenting starkly different visions for the future of digital finance, market sentiment is on edge.</p><h3 id="a-future-of-possibilities-as-bitcoin-secures-its-place-in-the-economy">A Future of Possibilities as Bitcoin Secures Its Place in the Economy</h3><p>With the U.S. government’s $1.8 trillion deficit and inflation on the rise, Bitcoin has become increasingly attractive to investors as a hedge against fiscal uncertainty. Many see Bitcoin, much like gold, as a safeguard against potential devaluation of the dollar—a belief that has added fuel to Bitcoin’s recent rally.</p><p>As Bitcoin continues to test new highs, the market’s focus shifts to potential long-term effects of a pro-crypto administration. Bitcoin’s latest rally cements its role as a valuable digital asset in a changing financial landscape. With record highs and the potential for further growth, Bitcoin’s future looks brighter than ever, as it increasingly positions itself as a safe haven in a turbulent economic environment.</p><p><em><strong>Disclaimer:</strong> This article is intended for informational purposes only and should not be construed as legal, tax, investment, financial, or any other form of advice.</em></p><p><em>Source: </em><a href="https://icogemhunters.com/bitcoin-hits-historic-75k-price-on-election-day-how-high-can-it-go/" rel="noopener noreferrer nofollow">ICO Gem Hunters</a></p>

Bitcoin Hits Historic $75K Price on Election Day – How High Can It Go?

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