- Bitcoin surged past $76,000 on November 8, 2024, reaching an all-time high as Donald Trump’s victory in the U.S. presidential election provided a boost to the cryptocurrency.
- Bitcoin whales moved over $132 million off Binance within hours of Trump’s projected election victory, signaling a shift in crypto power as the U.S. welcomes a self-proclaimed pro-Bitcoin president.
- Trump’s pro-Bitcoin promises, including maintaining federal BTC reserves, pushing for regulatory clarity, and dismissing SEC Chair Gary Gensler, have created excitement in the crypto community and fueled speculation of a potential crypto boom.
Bitcoin saw a surge past $76,000 on Friday, November 8, reaching an all-time high. This rise came as Donald Trump took an early lead in the 2024 U.S. presidential election, injecting momentum into crypto markets.
Bitcoin Price Action
At the time of writing on Friday, Bitcoin was trading around $75,959. This marked a 5.3% increase within 24 hours, bringing Bitcoin’s market capitalization to $1.5 trillion.
Analysts attributed Bitcoin’s surge largely to Trump’s lead in early election results. Comments across social media linked the price jump to Trump’s position ahead of Kamala Harris. Sentiment was overwhelmingly positive surrounding Bitcoin, with 5.5 positive comments for every negative one.
The jump signified a case of FOMO (Fear of Missing Out) driving the market. Experts predicted major volatility and sentiment-driven price fluctuations surrounding the election outcome.
Wider Crypto Market Impact
The broader cryptocurrency market also benefitted from the election sentiment. Major cryptos like Dogecoin and Solana saw substantial 24-hour gains of around 24% and 15% respectively.
The total crypto market cap reached $2.6 trillion. Bitcoin maintained dominance, holding 60.8% market share. High volatility accompanied Bitcoin’s rise, with nearly $495 million in liquidations over 24 hours. Most liquidations came from long positions.
Bitcoin’s Rally in Context
Bitcoin’s surge follows gains over recent weeks. This included briefly topping $72,000 in late October before a minor correction preceding the current rally.
Looking ahead, experts forecast further price action. Earlier in the week, analysts predicted a Trump victory could propel Bitcoin to $80,000 – $90,000 by January 2025. Conversely, a Harris win may prompt a steep correction down to around $50,000.
Conclusion
Donald Trump, once a Bitcoin skeptic, gained strong crypto community support as a pro-crypto candidate. His projected election victory injected fresh optimism into the market, evidenced by Bitcoin’s surge to new all-time highs. Further volatility likely lies ahead as his policy promises regarding crypto and Bitcoin play out. But for now, crypto markets are reacting with bullish momentum to the prospect of the first “Bitcoin President” in the White House.
