TLDR:
Bitcoin hit new all-time high of $75,000 during election night
Trump’s victories in swing states correlated with Bitcoin price surge
Coinbase stock rose 15% after hours
Historical data shows Bitcoin gains after previous elections
Market participants expect high volatility until final election results
Bitcoin reached a historic milestone of $75,000 on November 5, 2024, as election results showed Donald Trump securing victories in key swing states. The cryptocurrency’s price movement coincided with Trump’s wins in North Carolina, Georgia, and Pennsylvania, marking a 7% increase that pushed Bitcoin beyond its previous record of $73,797.68 set in March.
The price surge occurred during overnight trading, with Bitcoin settling at $74,453 as markets processed the incoming election data. The cryptocurrency’s movement appeared to track closely with Electoral College developments, particularly as Trump established leads in contested states.
Coinbase, one of the largest cryptocurrency exchanges in the United States, saw its stock price increase by 15% in after-hours trading on Robinhood. This movement suggests broader market confidence in the cryptocurrency sector during the election period.
Market analysts had anticipated price volatility during the election period. Ryan Rasmussen, head of research at Bitwise Asset Management, noted the election’s substantial impact on cryptocurrency markets, stating that choppy trading conditions could persist until definitive results are announced.
Historical data provides context for Bitcoin’s election-night performance. In previous election years, Bitcoin has shown strong post-election growth, with returns of 87% following the 2012 election, 44% after 2016, and 145% in the 90 days following the 2020 election. These gains have typically aligned with Bitcoin halving events, which reduce the cryptocurrency’s supply.
Trading platforms reported cautious positioning among market participants leading up to the election results. James Davies, CEO of Crypto Valley Exchange, indicated that traders and market makers were preparing for various scenarios, with expectations of substantial short-term price movements regardless of the outcome.
The 2024 election has been widely discussed within cryptocurrency circles as a pivotal moment for the industry. Trump’s campaign has actively embraced cryptocurrency, presenting himself as supportive of the sector. This stance contrasts with concerns about potentially stricter regulation under a Harris administration.
The surge in Bitcoin’s price also reflects broader economic concerns among voters. The U.S. government deficit increased by 8% in the 2024 fiscal year, reaching $1.8 trillion. Both presidential candidates have promised tax cuts, leading some investors to view Bitcoin as a hedge against potential inflation and dollar devaluation.
Trading volumes increased notably during the election night price movement, indicating strong market participation. The price action broke Bitcoin out of its previous trading range, where it had remained below $70,000 for most of the year since March.
Market observers noted the correlation between election developments and cryptocurrency price movements. The projected Republican majority in the U.S. Senate, as reported by NBC News, coincided with sustained price strength in Bitcoin.
Technical analysts pointed to the $75,000 level as a psychological barrier, with the precise touch of this round number suggesting deliberate price targeting by large market participants. The movement represented a clean break from recent trading patterns.
Exchange data showed increased institutional participation during the price surge, with derivatives markets showing higher than average volume. This suggests professional traders were actively positioning themselves based on election developments.
Market makers reported increased liquidity demands during the price movement, with order books showing strong buying pressure at key levels. The orderly nature of the price increase indicated structured accumulation rather than speculative frenzy.
NBC News projections of Trump’s victories in multiple swing states appeared to serve as successive catalysts for price increases, with each announcement correlating to upward price movements in Bitcoin markets.
