Bitcoin hits record $75,300 on the day the US counted votes for the presidential election

From morning to early afternoon, Bitcoin increased sharply by 6,000 USD, setting a new record of more than 75,300 USD on the day the US counted votes for the presidential election.

At around 7am today (7pm local time), Bitcoin (BTC) suddenly jumped, the chart went vertical. Less than an hour later, the market price approached 71,500 USD, an increase of more than 3% in just a few dozen minutes.

At around 9am, the world's largest cryptocurrency started a new accumulation phase. The price jumped to around $74,812 at around 10:10am, up 10% from the same time yesterday to set a new record.

After cooling down in the afternoon, BTC accelerated again in the early afternoon. By around 1:30 p.m., Bitcoin surpassed $75,300 per coin, up nearly $6,000 from early morning. The current price is about 2.1% higher than the previous mark of $73,750 in mid-March.

Other cryptocurrencies followed suit. Ether surged more than 7% to surpass $2,600. Binance Coin and XRP saw gains of 5-6%. Meanwhile, the market saw many tokens rise by double digits, such as Solona or Dogecoin.

The cryptocurrency market is reacting to the news that Republican candidate Donald Trump is leading Democratic candidate Kamala Harris . As of 1:30 p.m., Mr. Trump has collected 247 electoral votes, maintaining a gap of 33 votes over Ms. Harris.

The scenario of BTC setting a new record was predicted by many parties when previously, the cryptocurrency market traded according to the "Trump trade" trend, that is, buying and selling in the direction of betting that Donald Trump would win the election as he is a leader friendly to digital assets. In addition, investors also have more support when the US government debt is swelling. Many voters are concerned about the financial deficit of this government, which has increased by 8% in the 2024 fiscal year to 1,800 billion USD.

However, Bitcoin prices are often volatile until a clear winner is determined. Investors believe that Kamala Harris's election will bring downside risk, while former President Donald Trump's victory will bring them good news because he is more supportive of cryptocurrencies.

This is considered the most important election in the history of the cryptocurrency industry. Ryan Rasmussen, head of research at Bitwise Asset Management, said that if Mr. Trump wins, the market will record another all-time high. In the case of Ms. Harris's election, he said there will be a "decent" short-term sell-off and a recovery period of 1-2 months. But in the end, no matter who wins, cryptocurrencies will soon set a new record.

In the 2012, 2016, and 2020 elections, Bitcoin rose about 87%, 44%, and 145%, respectively, in the 90 days after the results were in. This is partly because election years always fall during Bitcoin halvings , which reduce the supply of the cryptocurrency.

BTC’s post-election performance also tends to follow major policy changes by the US Federal Reserve ( Fed ). This year, the market is expecting further interest rate cuts. Therefore, Bitcoin is predicted to rise to new records in the coming weeks.

Over the past few days, BTC has been hovering around $69,000-$70,000 per unit, which is considered a fair price, according to data analytics platform CryptoQuant. That means if the election provides a positive catalyst, the world's largest cryptocurrency could rally and be ready to set a new record.