Bitcoin set a new price record, reaching $75,000 amid the U.S. presidential election results showing Donald Trump in the lead.
US Election Sparks Bitcoin's Surge
Bitcoin's impressive rise began on November 5 as the U.S. elections added volatility to the market. By the early morning of November 6, the price had surpassed its previous record according to TradingView. At that time, Donald Trump was leading with 247 electoral votes compared to Kamala Harris's 210, as reported by The New York Times, boosting the 'Trump trade' in financial markets.
The 'Trump Trade' and Its Impact on Crypto
As Trump gained ground in the elections, markets responded positively, with Bitcoin leading among risk assets. Over the past 24 hours, Bitcoin climbed more than 9%, reflecting investor enthusiasm over Trump’s pro-crypto stance, including his promise to establish a national Bitcoin reserve.
Bitcoin’s Volatility: A Continuing Theme
While Bitcoin's price surge is significant, the cryptocurrency market remains volatile. On November 4, 2024, Bitcoin ETFs experienced rare outflows, but the BlackRock ETF showed inflows. Experts warn that sustained growth may depend on adjustments in investor positioning.
Bitcoin’s record price has sparked a rally among other cryptocurrencies, including Ether and Dogecoin. However, experts caution about potential short-term instability.
