Bitcoin Hits New All-Time High After Crossing $74,000
Bitcoin finally matched the high-water mark it achieved back in March
By: Zack Guzman
November 6, 2024
As election results poured in on election day, Bitcoin crossed a new all-time high as it broke through $74,000.
Odds of a Republican sweep continued to rise as state results poured in. President Donald Trump's election odds continued to climb as more states turned red. Odds of a Republican sweep also surged to hit 85% on betting site Polymarket as of 10:17 p.m. EST on Tuesday. Over the four hours from the first polls closing to then, Bitcoin had surged 7%.
Analysts had predicted ahead of the election that a Republican sweep would be the most bullish scenario for crypto and Bitcoin's price. To be sure, many margins in plenty of races were still close enough to need more time to call, and results in the race between Donald Trump and Vice President Kamala Harris were too close to call. Control in the Senate, however, only required Republicans to pick up two seats, which seemed all but certain as polls closed.
Fundstrat's Head of Digital Asset Strategy Sean Farrell, who had previously predicted Bitcoin will cross $115,000 by the end of the year had said the reaction would be fast as results trickled in.
"We likely see a lot of volatility as leverage pours into the market, but the direction is clear, and the trajectory will be sharp," he wrote in a new research note. "We think it is right to expect a violent binary reaction to the election results (Trump higher, Harris lower), but eventually, we will resume trading in concert with changes in the macro backdrop."
As the election is settled, investors will have to immediately grapple with a Fed decision on Wednesday. Investors have assigned about a 95% chance of a 25-basis point rate cut when Fed Chair Jerome Powell explains the agency's logic at 2 p.m. on Wednesday.
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