US elections 2024: Bitcoin rises to an all time high

The price of Bitcoin and other cryptocurrencies skyrocketed as polls closed in the United States election on Tuesday, with former President Donald Trump showing strength in several early-voting states. Bitcoin was trading at $71,300 as of 9:15 p.m. Eastern, up around 5% in the previous 24 hours. Many cryptocurrency investors are rooting for Trump to defeat Vice President Kamala Harris, as the former president has pledged to develop the crypto business in the United States if elected.

Why is Bitcoin hitting a record high?  

Credit: Canva

The Associated Press quickly called Florida for Trump on Tuesday evening, as Trump built significantly on his margin of victory over President Joe Biden four years ago. 

Trump also showed early strength in Georgia and North Carolina, though those states were still counting votes and were too early to call. Crypto investors seem to be preparing for far more volatility after the election. 

A CF Benchmarks index, which uses futures activity to gauge how much volatility investors expect in Bitcoin over 30 days, hit its highest level on Monday since early August.

In general, Trump is believed to be the most supportive of Bitcoin. This summer, Trump visited a big Bitcoin conference, promising to make the United States "the crypto capital of the world" and to keep Bitcoin for strategic purposes.

How did people on the internet react?

People on the internet called it a "Trump effect" and Trump supporters were ecstatic at the market scene. Here's what people commented. 

New #Bitcoin all time high. #Trump effect pic.twitter.com/Bpa5j9Dzyp

— IQBAL HUSSAIN (@Fintech102) November 6, 2024

Hi bro#bitcoin new ath 🎉, #dogecoin is on fire 🔥🔥🔥 and#solana $sol market cap flip and surpass🚀🚀🚀🔥 #bnb#Solana is the #Ethereum of tomorrow and the bitcoin of after tomorrow... pic.twitter.com/lBN02PBNaO

— golden boy⭐️⭐️⭐️ (@wsb_power) November 6, 2024

Pack your bags Sir, you are 📢 fired 🤫

You will have plenty of time to get Orange pilled. ₿ #Bitcoin https://t.co/tDq68KZwAb pic.twitter.com/dO0NDmWrHr

— M World 🌎 (@mwill2023) November 6, 2024

It’s happening! This will kick off the bullrun and potentially the suddenly moment of #Bitcoin, Placing our next target on the chart at $76k.

Be wary of any influencer posting $BTC targets without backing it up with chart data Only listen to folks like @@Mccarthy_57 that back…

— Sebastian NFT (@surya14_surya) November 6, 2024

I will always vote 🟠 #Bitcoin https://t.co/Aod1Tb2M7Y

— FreeYourMind (@FreeYourMind808) November 6, 2024

Also read: US Election 2024: Donald Trump takes early lead as voting closes in Presidential polls

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