Bitcoin hits a historic high as markets anticipate a potential. Trump victory, with investors seeking a safe haven amid political uncertainty.
Crypto markets erupted on Tuesday night as speculators, expecting Donald Trump’s triumph, drove the price of Bitcoin to $75,000. That is an all-time high for the original cryptocurrency, which peaked at $73,000 in March. But has since fallen owing to uncertainty over the result of the US presidential campaign.
Trump and the Republican Party completely embraced cryptocurrency in the summer, resulting in enormous financial backing from the sector. Which had chafed under the Biden administration’s more restricted rules.
Crypto enthusiasts enthusiastically rushed to social media on Tuesday night to celebrate. The price increase and anticipate the impending resignation of Gary Gensler. The Democrat-appointed Chair of the Securities and Exchange Commission, whom many blame for suffocating the industry.
Bernie Moreno, Ohio’s Republican Senate candidate, also upset Democratic incumbent Sherrod Brown, who led the influential Banking Committee. Moreno received tens of millions of dollars in donations from the sector after campaigning on a pro-crypto platform. Whilst Brown was targeted for his anti-crypto statements.
The possibility of a Trump victory also provided legitimacy for the cryptocurrency-based betting site Polymarket. Whose prediction markets had been pointing to the Republican candidate’s triumph for weeks. At the start of voting day, the site supported Trump by around 58%, but by late Tuesday evening. Those odds had risen to about 90%.
Meanwhile, when election results became available, a slew of other cryptocurrencies rose in value. Ethereum, the second-largest cryptocurrency, increased by over 7%, while Solana, the third-largest cryptocurrency, gained around 15%.
Dogecoin, a novelty cryptocurrency, saw the highest gains, rising over 20%. The spike may be attributed, in large part to tech billionaire and Trump backer Elon Musk. Who has long supported Dogecoin and recently stated that. He would run a Department of Government Efficiency (DOGE) under a Trump administration.
The election results are also excellent, news for publicly traded firms such as Coinbase and MicroStrategy. Whose stock prices are directly, linked to Bitcoin’s performance.
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