Bitcoin Price Hits New All-Time High Amid Expected Trump Victory in US Election
The price of Bitcoin (BTC) surged to new all-time highs on Tuesday night, November 5, as investors anticipated a victory for former President Donald Trump in the closely contested 2024 US presidential election. The cryptocurrency market experienced a wave of optimism, driven by the expectation that a Trump administration would be more supportive of digital assets.
According to data from CoinGecko, Bitcoin’s price jumped over 8% during the day, reaching a record high of 75,371.69.Thissurpassedthepreviousall−timehighof73,780 set in March 2023, indicating a significant increase in demand for the leading cryptocurrency. The broader digital asset market also saw strong gains, with major altcoins like Ethereum, Solana, and Dogecoin rising by up to 12%.
The surge in Bitcoin’s price came as election results began to trickle in, showing Trump gaining an early lead in electoral college votes. Trump and the Republican party had fully embraced cryptocurrency in the summer, resulting in massive financial support from the industry. This support was driven by frustration with the more restrictive policies of the Biden administration, which had targeted the crypto sector with increased regulation.
Trump’s campaign had focused heavily on cryptocurrency, with prominent figures in the industry endorsing him early on. The now-elected president even participated in the Nashville Bitcoin Conference in July, further solidifying his ties to the crypto community. Trump’s agenda was perceived as closely tied to Bitcoin’s future in America, and the price movement on election day signaled a good day for Republicans.
The anticipation of a Trump victory also fueled speculation about potential regulatory changes that could benefit the crypto industry. Trump had promised to remove Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), who had been leading the crackdown on the crypto sector under the Biden administration. This prospect of lighter regulation was seen as a positive development for the industry, which has long lobbied for more favorable policies.
As the election results became clearer, Bitcoin’s price continued to climb, reaching new highs. The crypto-based betting site Polymarket, which had pointed to a Trump victory for weeks, also saw a surge in activity as investors placed bets on the outcome. By late Tuesday evening, Polymarket’s odds of a Trump victory had increased to around 90%.
The election outcome was also good news for publicly traded companies like Coinbase and MicroStrategy, whose share prices are closely tied to the performance of Bitcoin. Coinbase’s stock price soared 17% on election day, while MicroStrategy jumped 10%. These gains reflected the optimism in the crypto market and the expectation that a Trump administration would be more supportive of digital assets.
Dogecoin, the favorite cryptocurrency of billionaire Elon Musk and a prominent supporter of Trump, also saw significant gains on election day. The meme coin climbed nearly 20%, driven in part by Musk’s proposal to create a Department of Government Efficiency (DOGE) under a Trump administration. This proposal, which was seen as a nod to the Dogecoin community, further fueled the coin’s rally.
Overall, the election results had a significant impact on the crypto market, with Bitcoin’s price hitting new all-time highs amid the optimism surrounding a Trump victory. The crypto industry is now looking ahead to the potential regulatory changes and policy shifts that could come under a new administration, with many hoping for a more favorable environment for digital assets.
As of publication, Bitcoin’s price remained above $75,000, with investors continuing to monitor the election results and the broader market sentiment. The future of the crypto industry remains uncertain, but the recent surge in Bitcoin’s price suggests that investors are optimistic about the potential for growth and innovation under a Trump administration.