Bitcoin soars to $75K on Trump’s projected US election win
Bitcoin (CRYPTO:BTC) surged to a record high of $75,000 on November 6, surpassing its previous peak of $73,800 set in March.
This price increase coincided with early U.S. election results showing Donald Trump in the lead, prompting a wave of trading activity in the crypto market.
Bitcoin’s initial upward momentum began during the New York market opening, as BTC rose by more than 3%, reaching $70,577.
Later in the evening, Bitcoin continued to climb, ultimately hitting an all-time high of $75,000.85 at 3:08 am UTC on Coinbase, as reported by TradingView.
Early election data from the Associated Press indicated Trump had secured 198 electoral college votes, compared to Kamala Harris’s 112, with 270 votes required to win.
At the time of publication, Bitcoin is trading at $74,339, marking a 7.2% increase over the past 24 hours.
Many traders have speculated that a Trump victory could have a positive impact on Bitcoin’s future, as his administration has shown a tendency toward favorable cryptocurrency regulations.
Over the year, both Republican and Democratic candidates have refined their approaches to crypto policy, leading to increased interest in Bitcoin as the election unfolds.
Bitcoin’s rally appears to correlate with Trump’s improving odds on decentralized prediction platform Polymarket.
On November 5, Bitcoin’s price rose above $70,000 as Trump’s victory odds climbed past 60%, while Harris’s dropped below 39%.
By late night, Trump’s election odds on Polymarket had surged to 80%.
Despite the recent highs, analysts expect Bitcoin to remain volatile in the days following the election.
ETF outflows on November 4 totaled $541.1 million across major funds, including Fidelity, ArkInvest, Bitwise, and Grayscale, while BlackRock’s IBIT ETF saw an inflow of $38.3 million.
Additionally, traders have been positioning defensively in Bitcoin options, particularly around dates like November 7, November 15, and November 29, with options reflecting interest in $72,000 to $75,000 price levels.
According to Tony Stewart, founder of Pelion Capital, traders are showing optimism, although some still seek protective measures in case of a downturn.
“Traders are overall more bullish, especially for Nov. 7, Nov. 15, and Nov. 29. Most new bets were on prices at 72,000 to 75,000 or higher. The notable buy of $64,000 puts suggests some fear, and market makers face higher risk if Bitcoin drops, as they sold puts at lower prices,” opined by Marcel Pechman.
At the time of reporting, the Bitcoin price was $74,255.98.
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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