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

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

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

Trump, ted for his vocal support for Bitcoin and broader cryptocurrency market, is likely to return to 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 Associated Press. 

“Bitcoin, er and Dogecoin have all rallied in a sign crypto traders are positioning for a Trump victory. Bitcoin, largest cryptocurrency by market value, touched a fresh record in Asian trading on Wednesday. Dogecoin is up around 20 per cent, while er, 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 Republican ticket,” Bagga added. 

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

“ positive sentiment surrounding Trump's potential return has boosted Bitcoin and positively impacted broader cryptocurrency market, with or digital assets like Er and Dogecoin experiencing table 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 discrepancy with traditional polling data. 

Talking about 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 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 effects on crypto market could vary.