Bitcoin surged overnight, reaching a record high as investors speculated that former President Donald Trump was gaining momentum in the U.S. election as results continued to come in.
Bitcoin’s price reached a milestone $75,000, as reported by Coin Metrics, marking a new record. It recently traded 7% higher at $74,392.00. The previous high of $73,797.68 was set on March 14, and since then, Bitcoin has mostly stayed within a tight range below $70,000 for much of the year.
Bitcoin’s overnight gains strengthened as Trump took an early Electoral College lead. NBC News projected Trump had secured key wins in North Carolina and Georgia, though several swing states remained too close to call. Republicans were also expected to regain control of the U.S. Senate, according to NBC News.
In after-hours trading, Coinbase rose 3%, while MicroStrategy saw a 4% gain.
Investors had anticipated bitcoin’s volatility to persist until a clear winner emerged. A win for Vice President Kamala Harris was seen as a potential downside risk for bitcoin, while traders expected a price boost if former President Donald Trump prevailed.
“The election is having a huge impact on the crypto market,” said Ryan Rasmussen, head of research at Bitwise Asset Management. “Expect bitcoin—and the broader crypto space—to be volatile in the coming days … until we have clear election results.”
In the last three elections (2012, 2016, and 2020), bitcoin delivered returns of approximately 87%, 44%, and 145% in the 90 days following election day. This trend partly reflects that election years coincide with Bitcoin halving events, which reduce its supply. Post-election gains have also historically aligned with significant shifts in Federal Reserve policy, and this year, markets are hopeful for further rate cuts.
“For now, everyone we’ve spoken to is waiting cautiously,” said James Davies, CEO of the crypto futures and options trading platform Crypto Valley Exchange. “I’ve heard from several top market makers and traders, and almost everyone is prepared to react … Massive short-term volatility is expected regardless of the outcome.”
This year’s presidential election is being called the most crucial in the crypto industry’s history. Many view a Harris victory as a potential threat to crypto, though the extent has been debated. In contrast, Trump is widely seen as favorable for the industry after positioning himself earlier this year as a pro-crypto candidate and engaging more with the industry than Harris.
Many voters are worried about the federal deficit, which grew 8% in the 2024 fiscal year to $1.8 trillion, alongside tax cuts promised by both candidates. Like gold, Bitcoin is viewed by many investors as a hedge against fiscal and monetary policies that could weaken the dollar and increase inflation.”