Bitcoin Climbs to Almost $75,000, a New All-Time High, as the Market Celebrates an Imminent Trump Victory-web3.0-php.cn

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Bitcoin Climbs to Almost $75,000, a New All-Time High, as the Market Celebrates an Imminent Trump Victory

Mary-Kate Olsen

Nov 06, 2024 pm 03:30 PM

Bitcoin All-Time HighTrump Election Day

This jump aligns with recent bullish market momentum, with Bitcoin up over 9% in just the last 24 hours and more than doubling in value since last year.

Bitcoin Climbs to Almost ,000, a New All-Time High, as the Market Celebrates an Imminent Trump Victory

Bitcoin price hit nearly $75,000 today amid a tense U.S. election that saw former President Donald Trump pulling ahead of Vice President Kamala Harris in early electoral vote counts, sparking a “Trump trade” rally.

With Trump’s edge in the vote counts, investors appeared to be betting on a favorable outcome for cryptocurrencies, given Trump’s previous pro-business, pro-crypto stance.

This aligns with recent bullish market momentum, with Bitcoin up over 9% in just the last 24 hours and more than doubling in value since last year.

As the odds tilted in Trump’s favor to the tune of 96%, according to betting volume on crypto prediction markets like Polymarket, which has skyrocketed to $2 billion, the crypto sector was buzzing.

“Many business leaders are lining up support for Trump,” said VanEck’s head of digital assets, Matthew Sigel. “The momentum seems to be there, and it’s showing up in asset performance.”

Meanwhile, crypto ETFs are experiencing a record year. BlackRock's iShares Bitcoin Trust has emerged as the top ETF by inflows among 575 launched in 2024, marking Wall Street’s warm embrace of Bitcoin.

Traditional investors are flooding into the asset, spurred by the Securities and Exchange Commission’s approval of 10 Bitcoin ETFs in January.

So far, Bitcoin ETFs have attracted over $20 billion this year, streamlining access for hesitant investors and driving significant market liquidity.

On the other hand, popular tokens like Dogecoin (DOGE) are surging alongside Bitcoin, buoyed by a strong showing from Trump-supporting entrepreneur Elon Musk.

Musk, who has hinted at creating a Department of Government Efficiency — playfully abbreviated as “D.O.G.E.” — has injected fresh energy into the meme coin. DOGE soared 20% since Tuesday.

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