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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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