Bitcoin hits all-time high as Trump wins election
Bitcoin has hit a new all-time-high as Donald Trump is re-elected in the U.S. presidential election.
UPDATE: Nov. 6, 2024, 5:38 a.m. UTC Donald Trump has been elected the 47th president of the United States, declared by the Associated Press at 05:37 a.m. ET. This article has been updated to reflect this.
It's been a long and winding road, but it finally happened: Bitcoin price has hit a new all-time-high.
The most popular cryptocurrency traded at $75,358 early on Wednesday according to CoinGecko, surpassing the previous all-time-high price of $73,580, which Bitcoin had set in March.
Looking back, it may not sound too long a wait for the crypto faithful, but Bitcoin has been zig-zagging on a downward sloping trajectory ever since that March peak, before finally picking up ahead of the U.S. election. At these prices, Bitcoin's total market cap (the value of all coins on the market) is about $1.5 trillion.
Bitcoin's price pulled back a little after Donald Trump claimed victory in a speech to supporters after winning third battleground state Pennsylvania. The cryptocurrency is currently trading at $73,923.
Trump has now been elected the 47th president of the United States, declared by the Associated Press at 05:37 a.m. ET, winning 277 electoral votes over Democratic opponent Kamala Harris' 224 (at the time of writing). Republicans also look poised to sweep both the Congress and the Senate, removing the largest political uncertainties that typically make the markets jittery. U.S. stocks are also rallying in premarket on Wednesday, with TSLA pumping more than 12 percent ahead of markets opening.
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Trump's campaign mentioned cryptocurrencies and, specifically, Bitcoin in the past couple of months, with Trump claiming he would make it easier for crypto mining companies to operate in the U.S., and promising America would be the nation to "lead the way" as crypto goes "to the moon."
Another big winner emerging from these elections is the cryptocurrency DOGE, which started as a joke but found a footing as it got embraced by Elon Musk, who's a major supporter of Trump's presidency — the billionaire and X owner has donated millions toward getting Trump re-elected, campaigned at his rallies, and offered million-dollar swing state payouts to Trump voters. DOGE is currently trading at $0.198, up 17.7 percent compared to yesterday's price.
