Bitcoin price jumped over 8 per cent today to a record $75,371.69, surpassing its previous high of $73,797.98 scaled in March this year.
The biggest cryptocurrency, bitcoin, reached a new high and above the $75,000 barrier for the first time on Wednesday, November 6, as the likelihood of former US President Donald Trump winning the US Presidential Elections 2024 increased.
The price of bitcoin increased by more than 8% today to a record $75,371.69, surpassing the $73,797.98 peak set in March of this year.
Trump is perceived as being more in favor of cryptocurrencies than Democratic presidential contender Kamala Harris at the time of the event.
Trump has promised to make the US the “bitcoin and cryptocurrency capital of the world” and to appoint tech billionaire Elon Musk to lead a comprehensive audit of government waste, according to an AFP story.
Strong buying activity was also observed in other cryptocurrencies, including Ethereum, Solana, Dogecoin, Cardano, and Shiba Inu, which witnessed a 12% increase.
US Elections 2024
Investors are already expecting a Republican victory, even though the results are not yet final and it will take several days for the officials to count all of the votes. Although the results of the House elections are still pending, the Republicans have regained control of the Senate for the first time in four years.
270 electoral votes are needed to win the presidency, and Donald Trump is leading with electoral 247 votes as against Harris’ 210.
Trump won Georgia, a state that had voted for Democrats in 2020 but is traditionally a Republican stronghold. His win in North Carolina also made it harder for Vice President Kamala Harris to secure enough votes.
at the meantime, Donald Trump has already announced that he will win the 2024 election at a speech in West Palm Beach, where he pledged to guide the US into a “golden age.”
“This was a movement that no one had ever seen before, and to be honest, I think it was the greatest political movement ever.” Nothing like this has ever occurred in this nation, and possibly anywhere,” Trump remarked.
Ripple Effect
Indications of a potential In addition to supporting Bitcoin, Trump’s victory fueled a surge in US stocks, the US dollar index, and the Indian stock market.
At its highest point in nearly four months, the US Dollar Index increased 1.9% to 105.30. The Dow Jones Industrial Average and S&P 500 futures both increased 1.8% and 1.7%, respectively. A solid start for the US markets later today was indicated by the 1.8% increase in the Nasdaq composite future.
Back home, the IT and banking sectors drove advances in the Indian benchmark indices, the Sensex and Nifty, which both increased by more than 1%.
