Bitcoin's price soared past $75,400 on November 6, driven by a significant increase in Donald Trump's chances of winning the presidential election, which rose to 99.6%, while Kamala Harris' chances fell below 0.4%, according to Polymarket.
As the U.S. presidential election results unfolded, Bitcoin reached this new all-time high, reflecting strong momentum with a 9% jump during the New York trading session. This surge in price can be attributed to heightened market volatility related to the elections, igniting renewed interest among traders.
Trump’s Lead Is Strong
The electoral landscape shows Trump leading Harris in electoral votes, with 224 to 267, as reported by the Associated Press. Throughout 2024, traders have maintained an optimistic outlook on Bitcoin's price, particularly if Trump emerges victorious. Both candidates have shifted their stances on cryptocurrency regulation, which has further fueled market speculation.
Bitcoin’s recent price movements are closely tied to Trump’s improving odds of winning. On November 5, Bitcoin's price climbed back above $70,000, aligning with Trump's chances of victory exceeding 88.6% and Harris' chances dropping below 12.1%.
Despite these record highs, the market remains volatile. On November 4, Bitcoin ETFs experienced significant outflows, totaling $541.1 million from funds like Fidelity, ArkInvest, and Grayscale. In contrast, BlackRock’s IBIT saw $38.3 million in inflows, indicating mixed sentiment.
Looking Ahead: As the election outcome approaches, traders are taking protective measures in the Bitcoin options market, reflecting ongoing uncertainty. The crypto market remains sensitive to political and economic developments, making the election results a critical factor for Bitcoin's future price trajectory.
