Bitcoin reached a new all-time high of over $75,000 on Nov. 6, surpassing its previous high of $73,800 set in March.

This surge occurred as traders heavily invested in crypto, driven by early United States election results that showed Donald Trump in the lead.

During the New York open, Bitcoin demonstrated notable strength, rising over 3% to an intra-day high of $70,577 amid heightened election-related volatility in the crypto market.

Several hours after US trading ended on Nov. 5, Bitcoin set a new record, hitting $75,000.85 at 3:08 am UTC on Nov. 6 on Coinbase, as per TradingView data.

According to early results from the Associated Press, Trump led with 198 electoral college votes compared to Kamala Harris' 112 as of 3:30 am UTC on Nov. 6.

A candidate needs at least 270 electoral votes to secure the presidency.

At the time of publication, Bitcoin is trading at $74,339, marking a 7.2% increase over the past 24 hours.

Throughout 2024, traders have shown optimism about Bitcoin’s potential price gains if Republican candidate Donald Trump won the presidency.

Both Republican and Democratic candidates have also adjusted their policy stances on cryptocurrency regulation over the year.

On Nov. 5, Bitcoin analyst Tuur Demeester pointed out that positive election news for Trump has been linked to Bitcoin price rallies.

Bitcoin’s price appears to be correlated with Trump’s rising odds on the decentralized prediction platform Polymarket.

On Nov. 5, Bitcoin climbed back above $70,000 as Trump’s projected chances of winning exceeded 60%, while Harris' odds fell below 39%.

Even though Bitcoin has reached a new all-time high, traders anticipate ongoing volatility, and market participants’ positions reflect this expectation.

Sources:

https://cointelegraph.com/news/bitcoin-new-all-time-high-united-states-elections-donald-trump-kamala-harris

https://www.tradingview.com/chart/?symbol=COINBASE%3ABTCUSD

https://apnews.com/projects/election-results-2024/

https://x.com/TuurDemeester/status/1853843022636589194