The world’s largest cryptocurrency, Bitcoin, has reached a new all-time high of $75,000 as U.S. election results roll in. This significant milestone follows months of Bitcoin fluctuating between $50,000 and $60,000, even after the recent halving event and Bitcoin ETF launches. Breaking past its previous record of $73,737, set in March 2024, this new high was achieved as early exit polls showed former President Donald Trump leading in his bid to reclaim the presidency.
Bitcoin Surges as Trump Leads in the Polls
The dramatic surge in Bitcoin’s price appears to be driven largely by speculation within the crypto community and prediction markets like Polymarket, where “Yes” bets on a Trump victory are surging. This has left many investors and analysts believing that a Trump win would benefit the crypto industry.
Bitcoin soared by 6.4% in the past 24 hours to reach $75,000. Major altcoins like Ethereum and Solana also posted gains, with Ethereum rising by 6.4% to $2,594 and Solana surging by 12.5% to $182, as bullish sentiment spread throughout the crypto market.
Bitcoin’s Connection to the Election and Trump’s Stance on Crypto
The possibility of Trump securing the presidency has created a buzz in the crypto world. Trump has previously hinted at potentially establishing a “strategic Bitcoin reserve” if he wins, a statement that has excited many in the crypto industry, who believe a Trump administration might adopt a favorable stance on digital assets.
Chief Analyst at Bitget, Ryan Lee, highlighted the strong correlation between Bitcoin’s surge and Trump’s performance in the election polls. He stated, “The U.S. presidential election results are still pending, but with Pennsylvania’s vote count surpassing 50%, the state has temporarily shifted red, giving Trump a slight lead. This development caused Bitcoin to surge briefly, breaking through the $75,000 mark and reaching a historic high.”
Additionally, Lee noted that on Polymarket, betting on Trump’s win has reached 90%. This reflects the crypto community’s enthusiasm and its hope for pro-crypto policies under a potential Trump administration.
Looking Ahead
With the potential for a significant shift in U.S. leadership, Bitcoin and other cryptocurrencies could see continued momentum and growth as investors respond to expectations of a pro-crypto administration. Crypto enthusiasts and traders worldwide are closely monitoring the election outcome, which could shape the direction of U.S. cryptocurrency policy for years to come.
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