Bitcoin has surged to an all-time high of $75,000 as Donald Trump secured key wins in swing states, causing the cryptocurrency market to react with excitement. The price of Bitcoin reached this record level overnight, hitting $74,453, a 7% increase from the previous high of $73,797.68 back in March.
The surge in Bitcoin’s price coincided with Trump’s victories in North Carolina, Georgia, and Pennsylvania, as well as projections of Republicans regaining control of the U.S. Senate. This news led to increased optimism among investors, with exchange operator Coinbase seeing a 15% rise in trading on Robinhood after hours.
Experts predict that the cryptocurrency market will remain volatile in the coming days until a clear winner of the election is declared. The outcome of the election is expected to have a significant impact on the price of Bitcoin, with a win by Vice President Kamala Harris potentially leading to downside moves, while a Trump victory could result in a price increase.
In previous election years, Bitcoin has experienced substantial returns following the election day, with gains of around 87%, 44%, and 145% in the 90 days that followed the 2012, 2016, and 2020 elections, respectively. These returns are partially attributed to Bitcoin halving years and shifts in Federal Reserve policy.
The 2020 presidential election is considered crucial for the crypto industry, with many viewing the outcome as a determining factor for the future of cryptocurrencies. While some see a Harris win as a threat to the industry, others believe that Trump’s pro-crypto stance could benefit the market.
Investors are turning to Bitcoin as a hedge against potential fiscal and monetary policy changes that could devalue the dollar and increase inflation. The current government deficit and promised tax cuts by both candidates have raised concerns among voters, driving interest in alternative assets like Bitcoin and gold.
Overall, the cryptocurrency market is closely monitoring the election results and preparing for potential short-term volatility. As the world eagerly awaits the final outcome of the election, the future of Bitcoin and other cryptocurrencies remains uncertain but full of potential for growth and development.
