Bitcoin has surged past the $75,000 mark, setting a new record as early voting trends favor Donald Trump, a candidate with a track record of supporting cryptocurrency. This fresh all-time high unfolded early Wednesday in Asia, as trading on major exchanges like Binance and Coinbase spiked in response to the latest political developments. In the last 24 hours alone, Bitcoin has jumped 9.2%, driven mainly by rapid trading in the hours following the release of initial election results. At time of writing, Bitcoin is trading at $74,300 according to CoinMarketCap data, a new all-time high as per their tracker, and the price is only going up at this time.
The latest Coinglass data shows a key factor behind this leap: around $94 million worth of short or hedged bets against Bitcoin were liquidated. This suggests that many traders who were betting on a Bitcoin price drop were caught off guard, sparking a quick and dramatic price rise. As Trump’s odds in the election improved—showing an 87% chance of winning on betting marketplace Polymarket—Bitcoin prices seemed to follow, reflecting a clear bullish sentiment tied to his potential victory.
Trump’s odds just hit 87.4%.
Yet cable news is still claiming the race is neck and neck. pic.twitter.com/A7wZdD7AIc
— Polymarket (@Polymarket) November 6, 2024
For traders and enthusiasts watching closely, this upward trend isn’t entirely surprising. Trump has generally been seen as more favorable toward crypto than Kamala Harris, the Democratic candidate, who hasn’t shown the same level of enthusiasm for the digital asset industry. Investors likely see Trump’s win as an opportunity for a friendlier regulatory landscape, which could make the U.S. a more crypto-supportive environment.
Another telling sign of Bitcoin’s rally is the premium it’s trading at on Coinbase, hinting at a rising interest from U.S.-based buyers. This difference in price compared to other exchanges indicates that stateside demand could be fueling the spike, as American investors look to Bitcoin amid uncertainty around the election.
According to early results, Trump has managed to secure states like Kentucky, Florida, and West Virginia, accumulating a lead of 198 to 99 electoral votes against Kamala Harris. As we keep an eye on how the race develops, it’s clear that Bitcoin’s price is closely tied to these political shifts, reflecting just how interconnected crypto markets have become with traditional financial and political events. For now, all eyes remain on both the election map and Bitcoin’s price chart, as the two appear more linked than ever.
Keep following us at HowToBuyBitcoin.org for all the latest on Bitcoin!