Bitcoin recorded an all-time high just above $73,000 in its early hours on Wednesday, November 6, surpassing its previous record of $73,000.77. These came as US Presidential Election results indicate that cryptocurrency-friendly Republican party candidate and former US president Donald Trump is leading in several states.
According to the international media report, Trump won in eight states, while VP Harris leading three states. As of 8.55 am IST, Bitcoin was trading 8.4% above at $75,060. Ether also saw gains, rising 7.2% to $2,576. Following Trump’s early wins in the exit polls, the dollar index rose to 1.25% to 104.72.
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%).
Bitcoin Hits New All-Time High
Bitcoin was up 7.5% in the past 24 hours, rising sharply in the last two hours alongside as betting marketplace predicted returning of Trump is 85% chance of winning US election. Crypto traders want Trump to win over Kamala Harris electoral College as there will be good growth for cryptocurrency industry.
Meanwhile, DOGE has been up by 20% since Tuesday, extending 30-day gains to over 65%, the best performance among major tokens after Bitcoin. Futures tracking DOGE recorded over $30 million in short liquidations over the past 24 hours. Crypto exchanger Coinbase surged 3% in after-hours trading, while MicroStrategy advanced to 4%.
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A win for Vice President Kamala Harris is expected to lower the crypto market, while traders anticipate a bump in price in the event of a win by former President Donald Trump. In the 2012, 2016, and 2020 elections, bitcoin saw returns of roughly 87%, 44%, and 145% in the 90 days following election day, respectively.