Bitcoin Rallies to New All-Time High as U.S. Election Proceeds to Vote Counting Stage
- DDDOriginal
- 2024-11-06 15:52:171049browse
Traders anticipate bitcoin price to go up in the event of a Trump win, while a risk of downside moves to bitcoin price is expected if vice president Kamala
Bitcoin price hit a new all-time high on Nov. 6, as the U.S. presidential election proceeded to its vote counting stage with former president Donald Trump taking the early lead in the Electoral College and popular vote.
Bitcoin price reached S$100,186 (US$75,090) at about 12:30pm Singapore time, surging past its previous high of S$97,355 (US$73,218) level in mid-March 2024.
Bitcoin was trading in a narrow range below (S$93,075) US$70,000 for much of the year since then.
Bitcoin price is seen to be rallying on the back of Trump taking an early lead in the election.
According to CNBC, traders are anticipating bitcoin price to go up in the event of a Trump win.
On the other hand, a risk of downside moves to bitcoin price is expected if vice president Kamala Harris wins.
In July 2024, Trump headlined the biggest bitcoin conference of the year in Nashville and claimed he will make the U.S. the “crypto capital of the planet and the bitcoin superpower of the world”, if returned to the White House after November’s election.
Bitcoin price performed well in previous election years.
According to CNBC, in the 2012, 2016 and 2020 elections, bitcoin saw returns of roughly 87 per cent, 44 per cent and 145 per cent in the 90 days following election day, respectively.
This was attributed to election years falling on bitcoin halving years, when the supply of the cryptocurrency gets cut rather drastically.
Post-election returns have also tended to align with major Federal Reserve policy shifts, CNBC also noted.
The market is looking forward to further interest rate cuts this year.
Bitcoin price is now up by about 130 per cent year-to-date.
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