Bitcoin has again broken barriers, surpassing $73,800 for the first time since mid-March and briefly glancing off $75,000, as the initial results of the election put Donald Trump in the lead. On November 6th, Bitcoin soared past the previous high to establish a new record, reaching $75,000.85.
The United States election volatility caused a surge in the cryptocurrency market, with the crypto giant, Bitcoin, rallying over 3% just as the New York market opened, and hitting an intra-day high of $70,577. As the early results arrived, the Associated Press put Trump ahead with a tally of 198 electoral votes compared to Kamala Harris’ 112.
The entire year of 2024 saw both Democratic and Republican presidential candidates vying to shape their stances on cryptocurrency regulations. Republican candidate Donald Trump’s potential win in the election has often been associated with a positive outlook on Bitcoin’s price by traders.
Bitcoin price analyst, Tuur Demeester, proposed that campaigns favoring Trump positively influenced Bitcoin’s price. Coinciding with Trump’s predicted probability of victory ascending over 60%, Bitcoin surged again above the $70,000 mark.
Despite achieving an all-time high, market sentiments predict Bitcoin’s price to retain its unpredictability. This belief is reflected in the changes in market participants’ positions with significant outflows from Bitcoin ETFs observed, while protective measures were noted in the Bitcoin options market.