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Bitcoin Price Hits $74,900 as Trump Leads Harris in Election Race

Bitcoin Price Hits $74,900 as Trump Leads Harris in Election Race

CryptotimesCryptotimes2024/11/06 10:00
By:Ronak Kumar

Bitcoin price surged above $74,000 as Trump’s chances of victory rose to 88.6%, while Harris’ chances dropped below 12.1%, per Polymarket.

Bitcoin price reached a new all-time high above $74,900 on November 6, as traders closely watch the US presidential election results. Republican candidate Donald Trump currently leads Democratic candidate Kamala Harris 109 to 198 in electoral votes, according to the Associated Press.

At the start of the New York trading session, Bitcoin showed strong momentum, jumping over 3% to an intra-day high of $70,577. This surge in price follows growing “US presidential elections-related volatility” in the crypto market, sparking renewed interest among traders.

Bitcoin Price Hits $74,900 as Trump Leads Harris in Election Race image 0 Bitcoin Price Hits $74,900 as Trump Leads Harris in Election Race image 1 Bitcoin Price Chart | Source: CoinMarketCap

Throughout 2024, many traders have remained optimistic about Bitcoin’s price potential if Trump wins the election. Both Trump and Harris have adapted their views on cryptocurrency regulation, further fueling market speculation.

Bitcoin’s price movement appears to be tied to Trump’s rising odds of victory, according to decentralized prediction market Polymarket. On November 5, Bitcoin price surged back above $70,000 as Trump’s chances of winning climbed above 88.6%, while Harris’ chances dropped below 12.1%.

Bitcoin Price Hits $74,900 as Trump Leads Harris in Election Race image 2 Bitcoin Price Hits $74,900 as Trump Leads Harris in Election Race image 3 Source: Polymarket

While Bitcoin has reached record highs, volatility is expected to continue. On November 4, Bitcoin ETFs saw significant outflows, with $541.1 million leaving funds like Fidelity, ArkInvest, and Grayscale. 

Meanwhile, BlackRock’s IBIT saw $38.3 million in inflows. This market uncertainty is further reflected in the Bitcoin options market, where traders are taking protective measures, as noted by Tony Stewart of Pelion Capital.

Traders will keep a close eye on the election’s outcome, as Bitcoin’s price remains sensitive to shifting political and economic factors.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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