Synopsis
Bitcoin reached a new record high, exceeding $75,000, following early US election exit polls that indicated a potential lead for Donald Trump. The cryptocurrency market reacted positively, with Bitcoin surpassing its previous peak of $73,750. The election outcome remained uncertain, contingent on results from key swing states.
Bitcoin surged to a new all-time high on Wednesday, crossing the $75,000 mark after early US presidential election exit polls suggested a slight edge for Republican candidate Donald Trump. The leading cryptocurrency surpassed its previous high of $73,750, reflecting a strong positive response from the market.
According to media reports, Trump won eight states, while Harris secured three states and Washington, D.C. The election remains tight, with the final outcome likely to hinge on seven swing states.
As of 8:50 am IST, Bitcoin was trading 8.4% higher at $75,060. Ether also saw gains, rising 7.2% to $2,576. Trump’s perceived favorability toward cryptocurrencies compared to Harris may have contributed to the market’s bullish sentiment.
Crypto Tracker
TOP COIN SETSCrypto Blue Chip – 50.11% BuyBTC 50 :: ETH 50-0.87% BuyWeb3 Tracker-1.31% BuySmart Contract Tracker-1.83% BuyNFT & Metaverse Tracker-6.36% BuyTOP COINS (₹) Solana15,425 (15.49%)BuyBitcoin6,276,301 (9.73%)BuyEthereum220,118 (8.57%)BuyBNB49,694 (6.59%)BuyTether85 (0.74%)BuyFollowing Trump’s early gains in exit polls, the dollar index—which measures the US dollar against six major peers, including the euro and yen—rose 1.25% to 104.72.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »Analysts generally assume that Trump’s plans for restricted immigration, tax cuts, and sweeping tariffs, if enacted, would put more upward pressure on inflation and bond yields than Harris’ center-left policies.
Stock Trading
Introduction to Technical Analysis & Candlestick Theory
View Program
Stock Trading
Dow Theory Made Easy
View Program
Stock Trading
Options Trading Course For Beginners
View Program
Stock Trading
Stock Investing Made Easy: Beginner’s Stock Market Investment Course
View Program
Stock Trading
Cryptocurrency Made Easy: Cryptocurrency Course
View Program
Stock Trading
Ichimoku Trading Unlocked: Expert Analysis and Strategy
View Program
Stock Trading
Macroeconomics Made Easy: Online Certification Course
View Program
Stock Trading
Mastering Options Selling: Advanced Strategies for Success
View Program
Stock Trading
ROC Made Easy: Master Course for ROC Stock Indicator
View Program
Stock Trading
Markets 102: Mastering Sentiment Indicators for Swing and Positional Trading
View Program
Stock Trading
Technical Trading Made Easy: Online Certification Course
View Program
Stock Trading
Market 101: An Insight into Trendlines and Momentum
View Program
Stock Trading
RSI Trading Techniques: Mastering the RSI Indicator
View Program
US Treasury yields also moved higher, with the 10-year Treasury note yield rising to 4.351% from 4.279%, nearing the recent four-month high of 4.388%. Two-year yields climbed to 4.241% from 4.189%.
Meanwhile, other leading cryptocurrencies also experienced notable gains, including BNB (+5%), Solana (+13.5%), XRP (+5%), Dogecoin (+21.6%), Cardano (+6.6%), Shiba Inu (+10%), Avalanche (+12.3%), and Chainlink (+11.4%).
The volume of all stablecoins is now $100.92 billion, which accounts for 92.46% of the total 24-hour crypto market volume, according to data available on .
In the last 24 hours, Bitcoin’s market cap, as the world’s largest cryptocurrency, surged to $1.445 trillion. According to , Bitcoin’s dominance is currently 59.86%. BTC volume in the last 24 hours surged 40.89% to $59.26 billion.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
US Election 2024
Another American Civil War if Trump loses election?
What Trump victory would mean for US & the world
