Bitcoin surges 3% to $70,000 ahead of US election results

Election dynamics fuel volatility in crypto markets, with potential price swings linked to political outcomes.

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Key Takeaways

• Bitcoin rose 3% to $70,000 on US Election Day with Trump favorably leading on Polymarket.
• Analysts suggest Bitcoin could reach $90,000 if Trump wins or drop to $50,000 with a Harris victory.

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Bitcoin rose over 3% to $70,000 on Election Day as Polymarket showed Donald Trump leading in the presidential race against Kamala Harris, according to CoinGecko data.

Trump’s odds of winning the White House climbed to 63% on Polymarket, while Harris stood at 37%. Trading volume for Trump-related bets reached $1.3 billion, surpassing Harris’ $828 million.

The former president maintained strong leads in several swing states, with a 78% chance of victory in Arizona, 67% in Georgia, and 62% in Nevada. Pennsylvania showed Trump ahead at 59%. Harris led in Wisconsin at 54% and Michigan at 60%.

Bernstein analysts suggest Bitcoin could reach $90,000 if Trump wins, while a Harris victory might push prices down to $50,000. Analysts remain optimistic about Bitcoin’s long-term prospects, projecting a price of $200,000 by 2025 regardless of the election outcome.

Bitcoin recently experienced pressure, falling below $67,000 on Monday following Mt. Gox’s $2.2 billion Bitcoin transfer. Historically, transfers linked to the defunct entity have exerted selling pressure on Bitcoin’s price, as investors who receive these assets may choose to liquidate them, especially when they are valued significantly higher than their original investments.

Bitcoin is now trading at around $69,200, up slightly from Monday’s drop. However, market volatility is expected to intensify throughout the day.

Analysts have predicted choppy trading and sharp price swings as investors react to the election results, particularly given the tight race between Donald Trump and Kamala Harris.

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