US elections 2024: Bitcoin hits all-time high of $75k as Trump maintains lead

Trump trade drive Bitcoin: Bitcoin, the biggest cryptocurrency by market capitalisation, has surged to a record high during the Asian trading hours as investors anticipate Donald Trump winning the US presidential election. 

In the last 24 hours, the king crypto has surged more than 10 per cent breaching past the 75,200 mark. Other key cryptocurrencies such as Ethereum, Solana, BNB, XRP, and Dogecoin have recorded drastic jump. While Musk’s favourite crypto token Dogecoin has surged 25 per cent in the last 24 hours, Uniswap has recorded a nearly 36 per cent rise in its market value. 

Trump, noted for his vocal support for Bitcoin and the broader cryptocurrency market, is likely to return to the White House with a softer take on crypto regulations. As of 10:08 am, 230 electoral votes had gone to Republican candidate Trump and 205 to Democratic Party's Harris, according to reports from the Associated Press. 

“Bitcoin, ether and Dogecoin have all rallied in a sign crypto traders are positioning for a Trump victory. Bitcoin, the largest cryptocurrency by market value, touched a fresh record in Asian trading on Wednesday. Dogecoin is up around 20 per cent, while ether, the second-largest cryptocurrency, also jumped around 7 per cent,” said ace investor Ajay Bagga. 

“Trump has emerged as a supporter of cryptocurrency, as has JD Vance, his running mate on the Republican ticket,” Bagga added. 

Shivam Thakral, CEO, BuyUcoin said that the investors will take the US election results as a strong cue and that crypto markets will reflect a direct impact from the results. 

“The positive sentiment surrounding Trump's potential return has boosted Bitcoin and positively impacted the broader cryptocurrency market, with other digital assets like Ether and Dogecoin experiencing notable gains. Continued political developments and regulatory discussions will likely influence market dynamics as investor enthusiasm remains high.” 

On platforms like Polymarket, bets on Trump’s victory have surged to 90 per cent, despite the discrepancy with traditional polling data. 

Talking about the rise in decentralised markets, Ryan Lee, Chief Analyst at Bitget Research shares that Trump’s win can take Bitcoin prices to new heights. Lee said, “If Trump were to win, BTC could continue driving the market higher without major pullbacks, potentially reaching even greater highs. In contrast, a Harris victory might lead to a short-term BTC correction, but long-term growth would still be anticipated, possibly achieving new records over time.” 

Both a Trump or Harris victory could signal substantial growth potential for US stocks, while the effects on the crypto market could vary.