Bitcoin hit a new all-time high of over $75,000 on Nov. 6, hitting well above its previous $73,800 high from March as traders piled into crypto as early results from the United States elections put Donald Trump ahead.
At the start of the New York open, Bitcoin (BTC) initially showed strength, rallying in excess of 3% to hit an intra-day high at $70,577 as US presidential elections-related volatility spiked in the crypto market.
Several hours after the US trading day closed on Nov. 5, Bitcoin reached a new all-time high, hitting $75,000.85 at 3:08 am UTC on Nov. 6 on Coinbase, according to TradingView.
Early election results from the Associated Press showed Trump ahead, winning 198 electoral college votes compared to Kamala Harris’ 112 as of 3:30 am UTC on Nov. 6. Either would need a minimum of 270 electoral votes to win.
At the time of publication, Bitcoin is trading at $74,339, up 7.2% over the last 24 hours
For the bulk of 2024, traders have expressed positive views regarding Bitcon’s price potential if Republican presidential candidate Donald Trump won the election, and throughout the year, the Republican and Democratic candidates have evolved their policy views on regulation within the cryptocurrency industry.
On Nov. 5, Bitcoin analyst Tuur Demeester suggested that Trump favoring elections news has also been connected to rallies in Bitcoin price.
Bitcoin price is seemingly aligned with Trump’s rising odds on the decentralized prediction market Polymarket.
On Nov. 5, Bitcoin price rallied back above $70,000 as Trump’s predicted odds of a victory pushed back above 60%, while Harris’ slid below 39%.
Despite hitting an all-time high, traders expect Bitcoin price to remain volatile and changes in market participants’ positioning reflect this sentiment.
On Nov. 4, a rare day of robust outflows from the Spot Bitcoin ETFs was witnessed. Total outflows reached $541.1 million as Fidelity, ArkInvest, Bitwise, Grayscale and GBTC saw selling. Meanwhile, BlackRock’s IBIT saw $38.3 million in inflows.
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