Bitcoin hits $75,000 as traders bet on Trump’s election advantage

Bitcoin reached an unprecedented $75,000 overnight as speculation around former President Donald Trump's electoral success intensified. As preliminary election results rolled in, Bitcoin jumped by 7%, climbing to $74,392 after briefly surpassing its previous high of $73,797 set in March.

The rally in Bitcoin prices aligns with Trump's gains in key Electoral College states, including North Carolina, sparking investor optimism. Shares in Coinbase and MicroStrategy also rose, up 3% and 4% respectively, reflecting the broader market's response to election uncertainties. Analysts suggest Bitcoin's next moves will be heavily influenced by the final outcome, with potential new highs if Trump secures a victory, while a win for Vice President Kamala Harris could prompt a temporary dip.

Ryan Rasmussen, Head of Research at Bitwise Asset Management, emphasized that Bitcoin’s near-term performance is closely tied to election results, with a Trump victory likely to bolster sentiment and push prices higher. Historically, Bitcoin has shown strong post-election returns, particularly in halving years when the cryptocurrency supply decreases, amplifying scarcity-driven value.

Crypto enthusiasts and analysts are keeping a close watch on the election, anticipating some short-term volatility but forecasting an eventual rally, especially if Trump’s electoral success inspires market optimism.