Bitcoin (BTC) Price Skyrockets by 9%, Targets $90K Soon After Donald Trump Victory?

The broader crypto market has been actively betting on Donald Trump's victory and is looking forward to all his political campaign promises of creating a strong crypto environment in America.

Bitcoin price today, 4 November 2024: Cryptocurrency explodes 9% as Trump’s victory odds hit 88%Bitcoin price today: The world’s largest cryptocurrency has hit a new all-time high of $74,917 levels as Donald Trump’s victory odds jump to 88% with strong gains in just over the last hour. Along with Bitcoin, altcoins are also delivering a strong show with Ethereum (ETH), Solana (SOL), Chainlink (LINK), and Avalanche (AVAX) rallying by 7-15% today. Also, the meme coin sector led by Dogecoin’s (DOGE) 28% single-day gains has been cheering the most over Trump’s victory.

Bitcoin (BTC) to $90K Soon After Donald Trump Victory?

The broader crypto market has been actively betting on Donald Trump’s victory and is looking forward to all his political campaign promises of creating a strong crypto environment in America. As per the data from the Associated Press, Trump is leading on nearly 198 seats while Kamala Harris is leading over 112 seats as of press time.

Moreover, data from Polymarket shows that in the past hour, Donald Trump has increased his chances of election victory by 30% to 88% now. This news was enough to send the Bitcoin price skyrocketing to fresh all-time highs giving the much-awaited breakout. Following the election results, it will be interesting to see how long Donald Trump takes to fire Gary Gensler, as promised by him earlier.

Investors are already setting up the sight of a $90K Bitcoin price rally, as per the prediction by Bernstein. Besides, analysts have also predicted recently that Bitcoin price can surge to $200,000 by the end of 2025. Speaking on the development, Fredrick Collins, chief executive officer and founder of crypto data platform VeloData said:

“It has to be because the early numbers are looking good for Trump. Bitcoin is one of the top instruments for trading the election tonight in my opinion. It’s relatively liquid and very tied to the outcome. So it’s pretty safe to assume any increases in price are tied to increases in Trump’s prospects of winning.”

Investors were very much predicting the crypto market volatility on the election with the BTC options data showing 8% swing chances on either side. Furthermore, the Coinglass data shows that as Bitcoin hits new all-time highs, there have been $350 million in short liquidations across the crypto market just within the past hour.

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