Bitcoin surged past $75,000, a new record, coinciding with Trump leading in the U.S. election. Not only did Bitcoin rise over 8%, but other cryptocurrencies, including Ethereum and Dogecoin, saw significant increases as well. This trend underscores the influence of electoral outcomes on cryptocurrency markets and their liquidity.

On Tuesday evening in the United States, Bitcoin surpassed the $75,000 mark, achieving a new all-time high and marking an increase of over 8 percent. This impressive rise eclipsed the previous record established in March, driven by the enthusiasm surrounding the launch of U.S. spot-bitcoin exchange-traded funds. Bitcoin’s upward trajectory coincided with Donald Trump’s early lead in the U.S. presidential election, creating a notable correlation between the two events. As results began to emerge from key swing states such as Georgia and North Carolina, Fredrick Collins, the CEO and founder of crypto data platform VeloData, commented, “It has to be because the early numbers are looking good for Trump. Bitcoin is one of the top instruments for trading the election tonight in my opinion. It’s relatively liquid and very tied to the outcome.” In addition to Bitcoin’s remarkable rise, other cryptocurrencies also experienced substantial gains. Ethereum, the second-largest cryptocurrency by market capitalization, surged by 6.5 percent, while Dogecoin, popularly known as Doge and associated with Trump supporter Elon Musk, saw an even more striking increase of 18 percent. As articulated by Cosmo Jiang, general partner at Pantera, “Doge, because of its association with Musk, has been a particular beneficiary.”

The rising price of Bitcoin is often influenced by various socio-political factors, including elections, economic policies, and market sentiments. Historically, events like presidential elections in the United States have had a notable impact on cryptocurrency valuations. This article highlights the direct correlation observed between Bitcoin’s value and Donald Trump’s electoral performance. Additionally, the initial success of other cryptocurrencies during the same period further underscores the interconnectedness of cryptocurrency markets with global and political events.

In conclusion, the significant rise of Bitcoin, setting a new record above $75,000, coincided with Donald Trump’s early lead in the U.S. presidential election. This correlation reflects the broader impacts that political developments can exert on cryptocurrency markets. Alongside Bitcoin, other cryptocurrencies such as Ethereum and Dogecoin also benefited from these events, showcasing the dynamic nature of the digital currency landscape influenced by external factors.

Original Source: www.scmp.com

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