Donald Trump

Bitcoin

Shiba Inu

Bitcoin hit a new all-time high of $75,000 on&nbsp;<a style="text-decoration:none" href="https://in.tradingview.com/symbols/BTCUSD/?exchange=COINBASE">Coinbase</a>, surpassing its previous record of $73,800 from March.&nbsp;
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.
<h2 dir="ltr" id="span-span-us-election-sparks-bitcoin-s-surge-span-span">US Election Sparks Bitcoin's Surge</h2>
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.&nbsp;
&nbsp;
By early morning on November 6, Bitcoin had surged past its previous all-time high, hitting $75,000.85 on Coinbase, according to TradingView.
&nbsp;
At the same time, early election results showed Donald Trump leading with 247 electoral votes compared to Kamala Harris’s 210, according to&nbsp;<a style="text-decoration:none" href="https://www.nytimes.com/interactive/2024/11/05/us/elections/results-president.html">The New York Times</a>, at press time. With 270 electoral votes needed to win, these results gave a boost to the "Trump trade" in financial markets.&nbsp;
&nbsp;
Traders anticipated that a Trump presidency might bring favorable policies for risk assets, including cryptocurrencies.
<h2 dir="ltr" id="span-span-the-trump-trade-and-its-impact-on-crypto-span-span">The 'Trump Trade' and Its Impact on Crypto</h2>
As the Republican candidate gained ground in the election, markets responded positively, with Bitcoin leading the charge among risk assets. Over the past 24 hours, Bitcoin has&nbsp;<a style="text-decoration:none" href="https://coinmarketcap.com/currencies/bitcoin/">climbed more than 9%</a>, a remarkable figure that reflects investor optimism surrounding Trump’s pro-crypto stance.
&nbsp;
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.&nbsp;
&nbsp;
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.
<h2 dir="ltr" id="span-span-bitcoin-s-volatility-a-continuing-theme-span-span">Bitcoin’s Volatility: A Continuing Theme</h2>
While Bitcoin’s price has reached new heights, the cryptocurrency market remains volatile. On November 4, 2024, Bitcoin ETFs saw rare outflows, totaling $541.1 million, as major funds like Fidelity, ArkInvest, Bitwise, and Grayscale pulled out, per&nbsp;<a style="text-decoration:none" href="https://sosovalue.com/assets/etf/us-btc-spot">SoSoValue data</a>.
&nbsp;
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.
&nbsp;
While Bitcoin’s price surge is significant, experts warn that it may not be sustained without adjustments in investor positioning.&nbsp;
<h2 dir="ltr" id="span-span-the-ripple-effect-across-the-crypto-market-span-span">The Ripple Effect Across the Crypto Market</h2>
Bitcoin’s all-time high has sparked a broader rally across the cryptocurrency space. Ether (ETH), the second-largest digital asset, has&nbsp;<a style="text-decoration:none" href="https://coinmarketcap.com/">risen over 7%</a> in the past 24 hours, trading at $2,600. The rally has extended to memecoins as well, with Dogecoin surging by more than 25% and Shiba Inu seeing a 10% increase.

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

Table of Contents

BSCN

Other articles published on Nov 7, 2024

FTX's Nishad Singh Avoids Prison: Cooperation Earns Leniency Amid Crypto Collapse Fallout

TRON DAO Joins Chainlink SCALE, Adopts Chainlink Data Feeds for DeFi Ecosystem

Top Analysts Agree: 5 Undervalued Cryptos That Could Outshine Bitcoin in 2024!

Ethereum Launches Mekong Testnet for Pectra Upgrade Preview

🔥 GoldenCat Official Listing on WEEX 🔥

Bybit Web3 and Aptos Kick Off APT Ecosystem Airdrop (7 Nov)

Join our free newsletter for daily crypto updates!