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Bitcoin price surged overnight, reaching an all-time high as investors speculated that former President Donald Trump was gaining momentum in the U.S. election with results continuing to come in. According to Coin Metrics, the price of the leading cryptocurrency hit a new peak of $75,000, before stabilizing at around $74,392—up 7% from the previous day.


Bitcoin Soars as Trump Takes Early Electoral College Lead


Bitcoin's overnight gains grew as former President Donald Trump took an early lead in the Electoral College. NBC News projected Trump’s victories in key battleground states like North Carolina and Georgia, though other swing states remain too close to call. Additionally, Republicans are expected to regain control of the U.S. Senate, according to NBC News.

In the aftermath, Coinbase saw a 3% rise in after-hours trading, while MicroStrategy climbed 4%.

Markets had braced for volatility in Bitcoin trading until a clear winner emerged. Investors had anticipated that a victory for Vice President Kamala Harris could weigh on Bitcoin’s price, while a Trump win was expected to push the cryptocurrency higher.

“The election is having a huge impact on the crypto market,” said Ryan Rasmussen, head of research at Bitwise Asset Management. “We can expect Bitcoin, and crypto in general, to experience volatility in the coming days—at least until the election results are clear.”


Bitcoin's Strong Post-Election Performance and the Impact of Fed Policies


Historically, Bitcoin has seen significant returns in the 90 days following U.S. presidential elections: 87% in 2012, 44% in 2016, and 145% in 2020. This trend is partly due to election years coinciding with Bitcoin halving events, which reduce the supply of the cryptocurrency. Additionally, post-election returns often align with major shifts in Federal Reserve policy, with markets anticipating further interest rate cuts this year.

“For now, everyone we’ve talked to is staying cautious,” said James Davies, CEO of the crypto futures and options platform Crypto Valley Exchange. “I’ve spoken with several leading market makers and traders, and I can say with certainty that nearly everyone is prepared to react. No matter the outcome, massive short-term volatility is expected.”

This year’s election has been dubbed the most pivotal in the crypto industry’s history. A win for Vice President Kamala Harris is viewed by some as a potential threat to the crypto market, though opinions on this have been debated throughout the election cycle. In contrast, many in the crypto space see a Trump victory as beneficial, particularly after he positioned himself as a pro-crypto candidate and actively courted the industry.

Amid rising concerns about the growing U.S. government deficit—up 8% to $1.8 trillion in the 2024 fiscal year—and promises of increased tax cuts from both candidates, Bitcoin is increasingly seen by investors as a hedge against fiscal and monetary policies that could devalue the dollar and spark inflation, much like gold.



When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.

Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients.

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