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Bitcoin has surpassed $75,000 after months of fluctuations in the market as Donald Trump continues to lead in the US exit polls. We all have seen that Bitcoin and other cryptocurrencies have seen a hike during the assassination attempt on the Republican Party’s candidate during the election campaign. Trump was a pro-crypto supporter, during the Bitcoin 2024 conference in Nashville, Tennessee, he showed support for Bitcoin and proposed plans that could change the industry.
The former president has already won in Utah, North Carolina, Idaho, Kansas, Iowa, Missouri, Texas, Ohio, and some other states according to the latest reports. The US Election Results had a huge impact on the cryptocurrency market, as more of the candidates in the Republican Party have already shown support for regulating the market.
In the 2024 U.S. election, cryptocurrency has become a major topic, with both Republicans and Democrats discussing rules and regulations. As crypto became mainstream due to support from big financial companies like BlackRock, which recently launched a Bitcoin ETF. Political groups like Stand With Crypto and Fairshake PAC are spending a lot of money to support candidates who favor crypto, and presidential candidates have also accepted donations through cryptocurrencies.
The surveys before the election show that 71% of crypto voters prefer candidates who back clear and fair regulations. This preference is especially strong among young voters aged between 18–34. Crypto also has influence in key swing states, where it appeals to minority communities that are looking for better financial options. These are all the main reasons why the US election has a serious impact on the crypto industry.
Bitcoin’s value increased as Trump took an early lead in the election on more than 200 seats, especially in important states like Georgia and North Carolina. Fredrick Collins, CEO of VeloData, explained that 'the early numbers look good for Trump,' which is why Bitcoin increased in price. Ethereum also went up by 6.5%, and Dogecoin rose by 18% which has support from Trump ally Elon Musk.
Trump has shown strong support for the crypto industry, promising to make the U.S. a global crypto leader if he wins. His plans include creating a strategic Bitcoin reserve and appointing regulators who favor crypto. Kamala Harris, on the other hand, supports a more cautious approach, with a focus on balanced regulations.
On November 6, Bitcoin’s price rose above $75,000. Bitcoin, which has gained over 60% in 2024, increased by 3.1% in just one day, marking its largest rise since late October. At one point, the price hit $74,300, resulting in the total value of the global cryptocurrency market to $2.44 trillion, a 7.54% increase in 24 hours.
Crypto trading volume also saw a rise, up by 47.51%, with $122.82 billion in trades in the last day. Bitcoin’s share of the market slightly increased to 60.04%.
Traders are keeping a close eye on the election, especially since Trump, who is supportive of digital assets, is leading. Experts around the world are saying, that if Trump was elected as the 47th president of the United States, we can expect an all-time high from Bitcoin.
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