Bitcoin claims new all-time high as Trump wins US 2024 Election
Bitcoin reached a new all-time high today, hitting $74,870.20, as Donald Trump’s odds of winning the US presidential election surged to 97% on the prediction market. As of press time, Bitcoin was trading at $74,331.55, up 8.61% in the past 24 hours, and its market capitalization stood at $1.47 trillion.
On Polymarket, Trump’s chances climbed sharply, with $1.4 billion in volume traded on his contract. In contrast, Kamala Harris’s odds dropped to 2.9%, with nearly $950 million in volume on her contract.
UPDATE 10:30 GMT NOV. 6: Trump has now been declared the winner by several major news organizations as Harris’ path to victory appears closed. Bitcoin remains above its previous all-time high of $73,600, currently sitting at $74,300.
US Election (Source: Polymarket)
The correlation between Bitcoin’s price increase and Trump’s rising election odds suggests investor anticipation of favorable policies toward cryptocurrencies under a potential Trump administration. Trump has indicated support for the crypto industry, differing from current regulatory approaches.
As vote counting continued, market participants closely monitored both the election outcomes and Bitcoin’s performance. However, Harris’ team confirmed she will not be speaking at Howard University tonight while Trump was en route to a convention center in Florida to address an audience including Elon Musk.
As of press time, Harris still had a mathematical possibility of winning the election through Wisconsin, Michigan, and Pennsylvania. However, Trump led in all three swing states required for a Harris victory.
Vote counting (Source: AP News)
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