Financial reports from Bitcoin ETF providers and financial news outlets

Bitcoin Surges Past $75,000 as Traders Bet on 'Trump Trade' Amid Election Results

Nov 6, 2024, 03:10 AM

Bitcoin surged to a new all-time high, surpassing $75,000, as traders closely monitored the U.S. election results. During the trading session, the cryptocurrency reached levels such as $73,700 and $74,885. The surge coincided with reports of increased expectations among traders for a potential victory by former President Donald Trump, with prediction markets like Polymarket indicating a 90% probability of his win and showing over $300 million in open interest. Analysts describe Bitcoin's rise as part of a 'Trump trade,' suggesting the cryptocurrency could rally even further if Trump performs well in the election, with projections reaching $125,000 by year’s end. The rise was also fueled by significant inflows into Bitcoin exchange-traded funds (ETFs), amounting to $870 million in a single day. Market participants view Bitcoin as a hedge against traditional financial systems, and its ascent reflects investor sentiment amid the ongoing electoral developments.