Bitcoin has reached a new all-time high of $75,000 on Coinbase. This surge is linked to the US presidential election results.
US Election Sparks Bitcoin's Surge
Bitcoin's impressive rise began on November 5 when the US elections injected volatility into the market. As polling stations closed and more results came in, Bitcoin's price shot up over 3%, reaching an intra-day high of $70,577. By early morning on November 6, Bitcoin had surged past its previous all-time high, hitting $75,000.85 on Coinbase. At the same time, early election results showed Donald Trump leading with 247 electoral votes, adding momentum to the financial markets.
The 'Trump Trade' and Its Impact on Crypto
As the Republican candidate gained ground in the election, markets, including Bitcoin, responded positively. Over the past 24 hours, Bitcoin has climbed more than 9%. Trump has been vocal in his support for the digital asset industry, which resonated with crypto enthusiasts. His promise to fire SEC Chairman Gary Gensler and establish a national Bitcoin reserve has generated interest.
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 outflows totaling $541.1 million. However, BlackRock’s IBIT ETF saw inflows of $38.3 million. Additionally, Bitcoin spot ETFs also saw $116.9 million in outflows.
Bitcoin’s all-time high has triggered a broader rally in the cryptocurrency market. Nonetheless, experts caution about potential instability without adjustments in investor positioning.
