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Bitcoin Sets New Record as Price Soars to $75,000 Amidst US Elections

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by Giorgi Kostiuk

a year ago

Bitcoin has reached a new milestone of $75,000, driven by Trump's lead in the US presidential elections and its impact on the markets.

US Election Sparks Bitcoin's Surge

Bitcoin's rise began on November 5 as the US elections introduced volatility into the market. As polling stations closed, Bitcoin rose over 3% to an intra-day high of $70,577. By early morning on November 6, it surged to $75,000.85 on Coinbase.

The 'Trump Trade' and Its Impact on Crypto

As Trump gained an advantage in the election, markets responded positively to his pro-crypto stance, with Bitcoin rising more than 9%. Trump's promises to replace SEC Chair Gary Gensler and establish a national Bitcoin reserve fueled investor enthusiasm.

Bitcoin’s Volatility: A Continuing Theme

Despite reaching new highs, the cryptocurrency market remains volatile. On November 4, Bitcoin ETFs saw rare outflows of $541.1 million, although BlackRock’s ETF received $38.3 million. Experts warn that the rise may not last without adjustments in investor positioning.

Bitcoin's all-time high has influenced various cryptocurrencies, including Ethereum and Dogecoin, reflecting shifts in market sentiment.

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Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.