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Bloomberg Quint
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US Elections Drive Bitcoin To Record High As Trump Leads Vote Count
- Bitcoin rose more than 8% to more than $75,000 as Donald Trump took an early lead in the US presidential election against Kamala Harris.
- Bitcoin is viewed as a 'Trump trade' because Republican presidential nominee Trump embraced digital assets during his campaign.
- Other tokens also rallied, with Ethereum jumping 6.5% and Dogecoin, promoted by Trump supporter Elon Musk, surging 18%.
- Traders are bracing for potentially pronounced market volatility stemming from results of the election that polls show are a dead heat.
- Investors in spot-Bitcoin ETFs took chips off the table a day before the election, with the 12 funds seeing a record outflow of $579.5m on 1 November, according to Bloomberg data.
- Crypto-industry executives are optimistic that either of the candidates' position toward digital assets would be in sharp contrast to the crackdown on the sector under President Joe Biden.
- SEC Chair Gary Gensler is a critic of the industry's alleged noncompliance, repeatedly labeling the sector as rife with fraud and misconduct.
- Crypto-data platform VeloData's CEO and founder, Frederick Collins, said the rise in Bitcoin's price was tied to increases in Trump's prospects of winning.
- The options market predicted moves of about 8% in either direction the day after the vote, compared with a typical 2% rise or fall on a normal day.
- Funds from issuers such as BlackRock and Fidelity have attracted about $23.6bn of net inflows in 2024, according to Bloomberg data.
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