Bitcoin reaches record high of $75,000 as Trump leads polls
Bitcoin, the world's largest cryptocurrency, has hit a new all-time high, crossing the $75,000 mark. The token jumped nearly 9% after early US election exit polls suggested a possible lead for Donald Trump. Bitcoin's previous all-time high was at $73,750. As of around 9:00 am IST on Wednesday, Bitcoin was trading 8.4% higher at $75,060.
US election results impact cryptocurrency market
The US election results still hang in the balance, with the final verdict likely to be determined by seven key swing states. So far, Trump has won eight states while Harris has won three states and Washington, D.C. This political development has also had a palpable effect on the cryptocurrency market. Ethereum also saw a spike, gaining 7% to $2,589.
Trump's policies and their impact on financial markets
Trump's policies, including restricted immigration, tax cuts, and sweeping tariffs, are thought to put more upward pressure on inflation and bond yields than Harris's center-left policies. After Trump's early gains in exit polls, the dollar index jumped 1.25% to 104.72. US Treasury yields also rose with the 10-year Treasury note yield climbing from 4.279% to 4.351%.
Other cryptocurrencies also see significant gains
Along with Bitcoin and Ethereum, other top cryptocurrencies also witnessed impressive gains. These include BNB (+5%), Solana (+13.5%), XRP (+5%), Dogecoin (+21.6%), Cardano (+6.6%), Shiba Inu (+10%), Avalanche (12.3%) and Chainlink (11.4%). The volume of all stablecoins is now $100.92 billion, which constitutes 92.46% of the total 24-hour crypto market volume, according to CoinMarketCap data.
Bitcoin's market cap and dominance in the cryptocurrency world
Bitcoin's market cap has jumped to $1.445 trillion, further cementing its status as the world's largest cryptocurrency. Bitcoin's dominance now stands at 59.86%, as per CoinMarketCap. The BTC volume in the past 24 hours has jumped by a whopping 40.89% to $59.26 billion, highlighting the immense power this digital asset holds over global financial markets.
