Bitcoin showed over 9% growth in the past 24 hours, repeatedly breaking its all-time high (ATH). The main driver of its growth was the first results from the U.S. presidential election.
According to CoinGecko, BTC peaked at $75,358, marking a new ATH. However, within two hours of reaching this record, a correction occurred and BTC fell by about 2%. As of 10:30 a.m. (GMT+2), BTC is fluctuating near $74,000.
Reaching the ATH occurred amidst the preliminary vote counting in the U.S. presidential race. According to most sources, Donald Trump is confidently leading the election. For example, Fox News reported that the politician already received 277 electoral votes, surpassing the 270 required to win. With his confident lead, Trump declared victory by addressing the electorate.
During his 2024 campaign, Donald Trump made a series of statements related to the cryptocurrency market. In particular, he promised to:
- make the U.S. a global leader in the field of cryptocurrencies;
- include Bitcoin in the national strategic reserves;
- oppose the launch of the digital dollar (CBDC);
- dismiss SEC Chair Gary Gensler and appoint a more crypto-friendly candidate instead.
While many experts remain skeptical of Trump’s promises, viewing them as campaign rhetoric, the cryptocurrency market’s response towards the odious politician’s promises directly impacted Bitcoin’s quotes. Many experts expressed optimistic expectations, including Bernstein analysts, who predicted that Bitcoin could reach $80,000 if Trump is re-elected by the time of his inauguration.
BTC’s previous ATH was set on March 14, 2024, briefly exceeding the $73,000 mark following the U.S. approval of spot Bitcoin ETFs.
