Bitcoin has reached a new all-time high of $75,000, driven by the US election uncertainty with Donald Trump in the lead.
US Election Sparks Bitcoin's Surge
Bitcoin’s impressive rise began on November 5 when the US elections injected volatility into the market. By early morning on November 6, Bitcoin had surged past its previous all-time high, hitting $75,000.85 on Coinbase, according to TradingView. At the same time, early election results showed Donald Trump leading.
The 'Trump Trade' and Its Impact on Crypto
As the Republican candidate gained ground in the election, markets responded positively. Over the past 24 hours, Bitcoin climbed more than 9%, reflecting investor optimism. Trump's support for the digital asset industry and his promises to fire SEC Chairman Gary Gensler and establish a national Bitcoin reserve have resonated with crypto enthusiasts.
Bitcoin’s Volatility: A Continuing Theme
While Bitcoin’s price has reached new heights, the cryptocurrency market remains volatile. On November 4, 2024, Bitcoin ETFs saw rare outflows totaling $541.1 million, as major funds pulled out, while BlackRock’s IBIT ETF saw inflows of $38.3 million. Experts warn that the surge may not be sustained without adjustments in investor positioning.
Bitcoin’s all-time high has sparked a broader rally across the cryptocurrency space. Following Bitcoin, Ether (ETH) and meme coins like Dogecoin and Shiba Inu have also seen significant increases.
