As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the recent surge in Bitcoin’s price has left me both exhilarated and slightly bewildered. The overnight jump to a new all-time high amidst the US election results feels like a rollercoaster ride I never signed up for.
Overnight, the cost of Bitcoin (BTC), the leading digital currency, reached an unprecedented peak due to Donald Trump’s significant wins in crucial U.S. electoral swing states, increasing the likelihood that he will be elected as the nation’s next president.
The price of Bitcoin has broken its previous record of $73,800 set in March, climbing up to a new peak of $75,390.26 following the introduction of U.S. spot Bitcoin exchange-traded funds (ETFs), and reaching this height also amidst predictions of Donald Trump’s victory in the elections.
Throughout much of the year, Bitcoin’s price stayed below $70,000. However, as Trump took a significant lead in the Electoral College, the cryptocurrency began to surge. Yet, it has since corrected and is now hovering around $74,000.
In extended trading hours on Robinhood, shares of Nasdaq-listed cryptocurrency exchange Coinbase surged by over 15% contrary to expectations, as reported by CNBC. This surge coincides with forecasts suggesting that Republicans are poised to reclaim a majority control in the U.S. Senate.
It was generally thought that a win by Trump would likely increase Bitcoin’s value because he has openly advocated for the cryptocurrency industry. This could lead to a more favorable regulatory environment due to less ambiguity and the possible appointment of pro-cryptocurrency individuals to influential roles.
Following U.S. presidential elections, it’s worth noting that Bitcoin’s value often surges. For instance, within 90 days following the 2012, 2016, and 2020 elections, Bitcoin’s returns were impressive at 87%, 44%, and 145% respectively.
According to CryptoGlobe’s report, the prediction market Polymarket witnessed a trading volume of over $3 billion during the presidential elections, primarily due to bets placed on the Republican candidate, Donald Trump, amounting to approximately $1.29 billion.
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2024-11-06 13:45