Bitcoin and Markets Soar as Trump Takes Lead in U.S. Presidential Race

Wednesday, 6 November 2024, 01:35

Markets witnessed a significant upturn as Bitcoin climbed past $75,000. Bitcoin's surge came as investors rallied around cryptocurrencies with Trump's lead in the U.S. election. The Trump trade appears to be positively influencing markets, especially for Bitcoin and other digital assets.
Businessinsider
Bitcoin and Markets Soar as Trump Takes Lead in U.S. Presidential Race

Bitcoin Surges Past $75,000

Bitcoin soared past $75,000 for the first time on Tuesday night as Donald Trump took a clear lead in the U.S. presidential race. The Republican candidate's position fueled the so-called Trump trade as investors bet on assets expected to benefit from a potential second term for the former president.

Impact on Cryptocurrencies

One of the winning bets was cryptocurrencies. Trump has supported digital assets recently, and Yeap Jun Rong, a market strategist at IG, noted that his pro-crypto stance was driving Bitcoin's gains. Although Bitcoin retreated from its record high, it remained up more than 6% at about $73,700 as of 4:30 a.m. ET Wednesday.

Market Analyst Insights

Kyle Rodda, a senior market analyst at Capital.com, described other bullish signs for Bitcoin. He suggested that a Trump presidency might lead to tax cuts, steeper tariffs, higher debt levels, and increased inflation, all of which could affect the financial markets positively. Other cryptocurrencies also enjoyed gains, with Ethereum up about 9% and meme coins like Dogecoin rising 15%.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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