Bitcoin price hit a record high of $75,011.06 around 11 p.m. EST, as the cryptocurrency market appeared optimistic about Donald Trump’s chances in the U.S. presidential election following reports, including CNN election results, indicating a slight lead in the ongoing election.
This surge in Bitcoin by 8.84% over the past 24 hours contributed to a 10.82% increase in the total cryptocurrency market capitalization, which now stands above $2.46 trillion. Alternative coins like Dogecoin, Shiba Inu, Solana, and Sui have also seen double-digit gains within the last day.
Bitcoin price reacts to preliminary election results
The cryptocurrency market is responding to the initial outcomes of the United States 2024 elections. Preliminary election results reveal that Republican presidential candidate Donald Trump is ahead, even in key swing states.
Read more: 3 Donald Trump Policies to Push Bitcoin Price Higher
At the time of reporting, the CNN election map shows that Donald Trump has received 53,831,826 votes, compared to Kamala Harris’s 48,168,448. The difference is relatively narrow, and it is too early to determine if the enthusiasm among crypto traders will persist.
Trump vs. Harris electoral votes count | CNN Live News
Meanwhile, current analyses suggest that Republican Trump will likely win in 15 states, whereas Democrat Kamala Harris is projected to secure seven states along with Washington, D.C.
Markets are reacting to early returns showing that Trump likely won. The dollar is rising, while bonds and gold are selling off. Of the three, only bond traders have it right, but for the wrong reason. Harris would've been worse than Trump, but the real crash hasn't been averted.
— Peter Schiff (@PeterSchiff) November 6, 2024
Economist Peter Schiff warns market participants that a retracement could be forthcoming, advising traders of a possible selloff in the near future.
Donald Trump’s Winning Odd Skyrockets to Over 94%
Polymarket reports that Trump’s chances of winning the election have surged to 94.5%. Meanwhile, Kamala Harris’s likelihood of winning has declined significantly, now at just 5.2%.
Throughout 2024, cryptocurrency enthusiasts have held optimistic views about Bitcoin’s price potential if Donald Trump wins the election.
Throughout their campaigning sessions, both Republican and Democratic candidates have shifted their perspectives on cryptocurrency regulation. Nevertheless, Trump has shown a stronger support for the industry than his opponent.
The former president has even made bold promises to the sector, such as dismissing SEC chairman Gary Gensler, mining the remaining Bitcoins in the U.S., and creating a strategic Bitcoin reserve.
However, political analysts have stated that the “critical hours ahead” make it too early to determine the outcomes in battleground states. At the same time, votes are still being counted, and final election results are still pending.
Read more: U.S. Election: Harris or Trump, Bitcoin Could Hit $100K in 2024: Here’s Why
