Bitcoin (BTC) surged to a new all-time high on Nov. 6, surpassing previous highs as traders reacted to early U.S. election results that showed Donald Trump in the lead. Market sentiment among crypto investors has been leaning toward a positive outlook for Bitcoin in the event of a Trump victory.
Bitcoin hit an unprecedented high of $75,000.85 early on Nov. 6, following an initial rise to $70,577 during the New York market open on Nov. 5. This 7.2% increase over the last 24 hours was fueled by heightened interest in digital assets due to election-related volatility. At the time of publication, Bitcoin was trading slightly lower at $74,339 but maintained its significant gains.
The rally began on Nov. 5, as U.S. markets opened and traders moved into Bitcoin, pushing it to $70,577. Overnight, Bitcoin continued its upward trend, eventually reaching $75,000 just after 3 am UTC on Nov. 6. This peak coincided with reports from the Associated Press that Trump was leading with 198 electoral votes, while Kamala Harris held 112, with both candidates needing 270 votes to win.
This surge was observed on major exchanges like Coinbase, according to TradingView, as both U.S. and international traders responded to election news. The increase in demand for Bitcoin on these platforms reflects its position as a global asset that responds to major geopolitical events.
Traders and analysts believe that a Trump presidency could be favorable for Bitcoin, especially in terms of regulatory policy toward cryptocurrencies. Market insights, including those from Bitcoin analyst Tuur Demeester, link the rally to election news favoring Trump. Additionally, decentralized prediction platform Polymarket showed Trump’s odds of winning rising above 60%, pushing BTC prices upward as Harris’s odds fell below 39%.
Despite the new highs, Bitcoin’s movement remains volatile. On Nov. 4, Bitcoin ETFs saw $541.1 million in outflows, with firms like Fidelity and ArkInvest selling shares, while BlackRock’s IBIT received $38.3 million in inflows, indicating mixed investor sentiment. In the options market, there is optimism for further gains, with traders positioning for prices between $72,000 and $75,000, particularly for Nov. 7, 15, and 29. However, the purchase of $64,000 put options highlights caution, as traders brace for possible downturns in the weeks ahead.
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