Bitcoin has surged to a record high of $75,000 as of Tuesday night, marking a significant increase of over 10% in just 24 hours. This rally comes in the wake of early election returns that have crypto investors feeling bullish about former President Donald Trump’s chances of reclaiming the White House.
On Election Day, Bitcoin began trading at approximately $70,000, quickly climbing to $72,000 before reaching its peak around 10 p.m. This dramatic rise underscores renewed investor enthusiasm for Bitcoin amid heightened political uncertainty and speculation regarding future regulatory policies impacting the cryptocurrency market.
This marks the second time this year that Bitcoin has set a new all-time high. The cryptocurrency previously reached its historical peak in March 2024, effectively signaling the end of the prolonged “crypto winter” that had subdued prices for several years.
Bitcoin’s impressive surge is closely tied to Trump’s positioning as a “crypto candidate.” His campaign has actively embraced digital assets, with Trump even accepting campaign donations in various cryptocurrencies, including Bitcoin, Ether, Dogecoin, and Solana.
At a recent Bitcoin conference, Trump pledged to fire SEC Chair Gary Gensler on his first day in office—a promise that resonates strongly with crypto advocates who have criticized Gensler’s regulatory approach. Additionally, Trump proposed establishing a national Bitcoin reserve, an ambitious initiative that has captivated many within the crypto community.
Bitcoin’s new all-time high has positively affected the entire cryptocurrency market. Notable gains have been observed across various digital assets:
The second-largest cryptocurrency by market capitalization rose to approximately $2,576, reflecting an increase of over 7% in the last 24 hours.
Popular tokens such as Dogecoin and Shiba Inu experienced substantial upticks—Dogecoin surged by more than 30%, while Shiba Inu increased by over 12%.
The surge in Bitcoin’s price is attributed not only to political developments but also to significant inflows into exchange-traded funds (ETFs) related to cryptocurrencies. Analysts have noted that trading volume on platforms like CoinSwitch has spiked dramatically, indicating intense interest among investors.
Market dynamics were further influenced by the liquidation of approximately $94 million worth of bearish bets against Bitcoin, contributing to upward price pressure.
The ongoing election results are critical for market sentiment. As early results show Trump leading in key states such as Florida and Texas, his odds of winning have reportedly risen to around 85% on betting platforms like Polymarket. Many traders believe that a Trump victory would be bullish for Bitcoin and the broader crypto market due to his historically favorable stance towards deregulation.
Analysts caution that while a Trump win could bolster prices further, uncertainty remains until the election outcome is fully confirmed. Conversely, a victory for Vice President Kamala Harris could introduce downside risks for Bitcoin and other cryptocurrencies due to her less favorable stance on digital assets.
