New York, Wednesday, November 06, 2024— Bitcoin has soared to a new all-time high, breaking past $74,000 as Republican candidate Donald Trump leads in the initial phase of the 2024 US presidential election, reports say.
Bitcoin was trading around $74,470, marking a 9.5% increase in the past 24 hours, reports say.
The cryptocurrency market reacted strongly to Trump’s early lead, with analysts linking the rally to the former president’s crypto-friendly stance.
Trump’s recent campaign shift, which includes crypto donations and advocacy for a pro-crypto US economy, has positioned him as the more favorable candidate for digital assets compared to Vice President Kamala Harris.
Prediction markets, such as Polymarket, showed Trump’s odds surging to over 84% following his lead in electoral votes, further driving bullish sentiment among crypto investors.
Key financial figures noted that Bitcoin’s October-November trend, historically strong for the asset, aligns with current market activity.
Beyond election influence, this rally caps a year of significant growth for Bitcoin, fueled by factors like the April halving and increased adoption of spot Bitcoin ETFs. Year-to-date, Bitcoin has climbed nearly 70%, with ETFs adding $22.5 billion in inflows this October alone.
