US Elections 2024: Bitcoin surges over $71,000 as early trends show Donald Trump ahead

US Elections 2024: Bitcoin surged above $71,000 on November 6 as early election results showed former President Donald Trump leading with 171 electoral votes. The cryptocurrency, up more than 60% in 2024, gained 3.1% in a single day—its biggest jump since late October.

Bitcoin touched a level of over USD 74,300 on Wednesday, as per Coinmarketcap. The global cryptocurrency market has reached a total valuation of $2.44 trillion, reflecting a 7.54% rise in the past 24 hours. Daily trading volume in the crypto sector has also surged 47.51%, with a total of $122.82 billion in transactions over the last day.

Decentralized finance (DeFi) platforms have contributed $4.37 billion to this total, making up 3.56% of the market's 24-hour volume. Stablecoins, which are pegged to fiat currencies, dominate the trading landscape with $113.45 billion in volume, accounting for a significant 92.37% of all transactions.

Bitcoin’s market dominance currently stands at 60.04%, showing a slight increase of 0.69% since yesterday, underscoring its continued influence in the crypto space as market interest and trading activities grow.

Traders kept a close eye on the election outcome, noting Trump’s favourable stance on digital assets. His opponent, Vice President Kamala Harris, represents a party that implemented a series of regulatory actions on the cryptocurrency sector during her time in office.

As of the latest count, major news outlets have declared Trump the winner in several key states, giving him 201 electoral votes. Harris trails with 102 electoral votes. To win the presidency, a candidate needs at least 270 votes.

Key wins for Trump

Trump has so far secured victories in 20 states, including major battlegrounds like Texas and Ohio, which carry a combined 55 electoral votes. Ohio, with 17 electoral votes, was called for Trump by Edison Research as polls closed, indicating a strong performance in typically Republican-leaning areas.

Meanwhile, Harris has captured eight states and the District of Columbia. Her wins include Democratic strongholds such as New York, Illinois, and Massachusetts. However, her electoral count remains significantly behind Trump’s, with key battleground states yet to be decided.

Bitcoin nears record high

Bitcoin's value has continued to surge throughout 2024, buoyed by the January launch of the U.S. spot-Bitcoin exchange-traded funds (ETFs). The cryptocurrency now sits less than 5% below its all-time high set in March. Analysts point to Trump’s reputation as a crypto-friendly candidate as a driving factor for investor optimism, contrasting with Harris’s association with regulatory actions under the Biden administration.

Missouri and other state wins

In Missouri, Trump won the state’s 10 electoral votes for the third consecutive election, with early tallies showing him ahead of Harris by 51% to 47%, according to the Associated Press. This outcome aligns with Missouri’s recent Republican trend, where Trump previously defeated Joe Biden by 16 points in 2020 and Hillary Clinton by 20 points in 2016.

Once considered a bellwether state, Missouri has increasingly leaned Republican, with Republicans now holding every statewide office.

Balaji Srihari, Business Head of CoinSwitch, said, “Bitcoin has reached a new all-time high, now exceeding $75,000 for the first time since March 2024. This surge is fueled by significant inflows into exchange-traded funds (ETFs) and heightened speculation surrounding the U.S. presidential election results.”

“At CoinSwitch, we’ve observed a 15x spike in hourly trading volume compared to last week’s average, showcasing an intense wave of interest among our users this morning. Not just BTC, other popular tokens like DOGE, SOL, and SHIB have also experienced significant volume spikes,” Srihari added.

“As the results come in today, we expect high market volatility. Early indications suggest a potential Trump victory, and as a vocal advocate for crypto, his win could signal a promising future for the industry. However, looking at the industry’s growing influence and adoption, regardless of who wins, crypto’s momentum is undeniable,” Srihari opined.