Bitcoin price reached a new all-time high above $74,900 on November 6, as traders closely watch the US presidential election results. Republican candidate Donald Trump currently leads Democratic candidate Kamala Harris 109 to 198 in electoral votes, according to the Associated Press.
At the start of the New York trading session, Bitcoin showed strong momentum, jumping over 3% to an intra-day high of $70,577. This surge in price follows growing “US presidential elections-related volatility” in the crypto market, sparking renewed interest among traders.
Bitcoin Price Chart | Source: CoinMarketCap
Throughout 2024, many traders have remained optimistic about Bitcoin’s price potential if Trump wins the election. Both Trump and Harris have adapted their views on cryptocurrency regulation, further fueling market speculation.
Bitcoin’s price movement appears to be tied to Trump’s rising odds of victory, according to decentralized prediction market Polymarket. On November 5, Bitcoin price surged back above $70,000 as Trump’s chances of winning climbed above 88.6%, while Harris’ chances dropped below 12.1%.
Source: Polymarket
While Bitcoin has reached record highs, volatility is expected to continue. On November 4, Bitcoin ETFs saw significant outflows, with $541.1 million leaving funds like Fidelity, ArkInvest, and Grayscale.
Meanwhile, BlackRock’s IBIT saw $38.3 million in inflows. This market uncertainty is further reflected in the Bitcoin options market, where traders are taking protective measures, as noted by Tony Stewart of Pelion Capital.
Traders will keep a close eye on the election’s outcome, as Bitcoin’s price remains sensitive to shifting political and economic factors.
