{"id":9203,"date":"2024-11-06T10:40:14","date_gmt":"2024-11-06T17:40:14","guid":{"rendered":"https:\/\/jasonsblog.ddns.net\/?p=9203"},"modified":"2024-11-06T10:40:14","modified_gmt":"2024-11-06T17:40:14","slug":"bitcoin-hits-new-75k-high-as-trump-takes-early-election-lead","status":"publish","type":"post","link":"https:\/\/jasonsblog.ddns.net\/index.php\/2024\/11\/06\/bitcoin-hits-new-75k-high-as-trump-takes-early-election-lead\/","title":{"rendered":"Bitcoin Hits New $75K High as Trump Takes Early Election Lead"},"content":{"rendered":"\n

Instead of watching election coverage, I had Cointop up in a terminal on my laptop, and watched Bitcoin go up by a few thousand dollars pretty quickly. As Trump has changed his tune on cryptocurrency, I took it as exuberance for a Trump victory. Interesting that some ETF funds had outflows right before the election? Except for Blackrock, the major OCGFC investment fund with trillions under management.<\/p>\n\n\n\n

https:\/\/cointelegraph.com\/news\/bitcoin-new-all-time-high-united-states-elections-donald-trump-kamala-harris<\/a><\/p>\n\n\n

<\/div><\/div><\/div>\n\n\n
Bitcoin has broken past the $73,800 mark for the first time since March 13, briefly tapping $75,000, as election results give Donald Trump an early lead.<\/h5>\n\n\n\n
\"Bitcoin<\/figure>\n\n\n\n

Bitcoin hit a new all-time high of over $75,000 on Nov. 6, well above its previous $73,800 high in March as traders piled into crypto with early results from the United States elections putting Donald Trump ahead.<\/p>\n\n\n\n

At the start of the New York open, Bitcoin (BTC<\/a>) initially showed strength, rallying in excess of 3% to hit an intra-day high<\/a> at $70,577 as US presidential elections-related volatility spiked in the crypto market.<\/p>\n\n\n\n

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<\/a> to TradingView.<\/p>\n\n\n\n

Early election results<\/a> from the Associated Press showed Trump ahead, winning 198 electoral college votes compared to Kamala Harris\u2019 112 as of 3:30 am UTC on Nov. 6. Either would need a minimum of 270 electoral votes to win.<\/p>\n\n\n\n

\"Bitcoin
Trump led Harris in early results, with many states on the US West Coast and key battleground states still to be called. Source: AP<\/em><\/figcaption><\/figure>\n\n\n\n

At the time of publication, Bitcoin is trading at $74,339, up 7.2% over the last 24 hours<\/p>\n\n\n\n

For the bulk of 2024, traders have expressed positive views regarding Bitcon\u2019s 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. <\/p>\n\n\n\n

On Nov. 5, Bitcoin analyst Tuur Demeester suggested<\/a> that election news favoring Trump has been connected to rallies in Bitcoin price. <\/p>\n\n\n\n

Is Bitcoin\u2019s rally correlated with Trump\u2019s rising odds?<\/h2>\n\n\n\n

Bitcoin\u2019s price is seemingly aligned with Trump\u2019s rising odds on the decentralized prediction market Polymarket.<\/p>\n\n\n\n

On Nov. 5, Bitcoin price<\/a> rallied back above $70,000 as Trump\u2019s predicted odds of a victory pushed back above 60%, while Harris\u2019 slid below 39%.<\/p>\n\n\n\n

\"Bitcoin
Donald Trump\u2019s election win odds hit 80% on Polymarket. Source: Polymarket<\/em><\/figcaption><\/figure>\n\n\n\n

Bitcoin price volatility is expected to remain after the US elections<\/strong><\/h2>\n\n\n\n

Despite hitting an all-time high, traders expect Bitcoin\u2019s price to remain volatile and changes in market participants\u2019 positioning reflect this sentiment.<\/p>\n\n\n\n

Nov. 4 was a rare day of robust outflows from the Spot Bitcoin ETFs. Total outflows reached $541.1 million as Fidelity, ArkInvest, Bitwise, Grayscale and GBTC saw selling. Meanwhile, BlackRock\u2019s IBIT saw $38.3 million in inflows.<\/p>\n\n\n\n

\"\"
Bitcoin ETF flows ($USD million). Source: Farside Investors<\/em><\/figcaption><\/figure>\n\n\n\n

A series of protective measures were observed in the Bitcoin options market, a point that Pelion Capital founder Tony Stewart thoroughly discussed. <\/p>\n\n\n\n

Adding a bit of color and translation to Stewart\u2019s comment, Cointelegraph\u2019s options analyst Marcel Pechman said, <\/p>\n\n\n\n

\n

\u201cTraders are overall more bullish, especially for Nov. 7, Nov. 15, and Nov. 29. Most new bets were on prices at 72,000 to 75,000 or higher. The notable buy of $64,000 puts suggests some fear and market makers face higher risk if Bitcoin drops, as they sold puts at lower prices.\u201d<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Instead of watching election coverage, I had Cointop up in a terminal on my laptop, and watched Bitcoin go up by a few thousand dollars pretty quickly. As Trump has changed his tune on cryptocurrency, I took it as exuberance for a Trump victory. Interesting that some ETF funds had outflows right before the election? […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-9203","post","type-post","status-publish","format-standard","hentry","category-tech"],"blocksy_meta":[],"featured_image_src":null,"author_info":{"display_name":"Jason","author_link":"https:\/\/jasonsblog.ddns.net\/index.php\/author\/jturning\/"},"_links":{"self":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts\/9203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/comments?post=9203"}],"version-history":[{"count":1,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts\/9203\/revisions"}],"predecessor-version":[{"id":9204,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts\/9203\/revisions\/9204"}],"wp:attachment":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/media?parent=9203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/categories?post=9203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/tags?post=9203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}