Bitcoin Hits All-Time High as Trump Wins The US Elections

The US elections and Bitcoin have been the talk of this year. Many describe the 2024 race to the White House as the most critical election in the country’s history, while the crypto market is having the year of a lifetime.

Following Donald Trump’s election win, Bitcoin hits an all-time high, surpassing its March 2024 record. The surge comes amid heightened market speculation and investor reactions to the election outcome.

Will BTC sustain its new levels, or will we have a new surprise on Christmas? Let’s discuss.

BTC Performance in 2024

5 and 6 November will be memorable in Bitcoin history, as the coin’s price skyrocketed by +10% in one day. In the early hours of 6 November, BTC struck the $75,000 level for the first time ever!

After starting the year on the spot-ETF approval and the halving news, a new price record reached $73,000 in March. The hype lasted for a couple of months before the coin started swinging, sending holders into two minds.

However, an increasing BTC ETF inflow and the rising debate around cryptocurrencies in US policies and presidential debates have put Bitcoin in the spotlight once again. Many linked the crypto market surge with Trump’s victory, given his stance on digital assets and blockchain development in the country.

Bitcoin Hits All-time High

A few hours before closing the voting polls on 5 November, Bitcoin price started its bullish journey, entering the $70,000 zone by the afternoon. As bulls sustained their positions, the coin closed every trading hour right on or just below the $70k level.

As voting was closed by the end of the 5th, the price jumped from $69,380 to $71,138, hitting a 2.5% hike in one hour. A few hours later and into midnight, early results suggested Trump’s leadership in several states, triggering Bitcoin new highs as the market price entered the previous record of $73,000.

A few hours later, most trading platforms recorded a new all-time high BTC price of $74,000, which continued climbing as high as $75,400 in the early hours of 6 November.

US Elections and Bitcoin Prices

The stance of Trump on Bitcoin has been pivotal in this surge. The president has been calling to boost blockchain developments, support BTC mining, and improve the country’s decentralized finance infrastructure.

This gained him the trust of many Web 3.0 developers, founders, and investors and boosted his winning odds massively.

On the other hand, the Biden-Harris Administration has been strict about crypto companies, suing DeFi exchanges and enforcing policies that discourage many platforms from operating on US soil.

In fact, many believe that a Kamala Harris win would have dwindled the crypto developments and created significant market volatility.

Conclusion

Bitcoin hit an all-time high as Donald Trump won the US elections for the second time. The price surge started on the day the voting was closed, as speculations hinted towards an early Republican lead.

The #1 crypto coin was traded at $75,000, overtaking its record price registered this year in March and suggesting an overall bullish market.

However, it is known that crypto markets fluctuate massively around 90 days after the US elections, and the new BTC price might retract or climb again.