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Bitcoin Today 11/06/2024: Trump victory takes BTC to new all-time high
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Donald Trump’s victory in the United States presidential election had the expected effect on the cryptocurrency market. According to the count, Trump reached the mark of 277 delegates in the Electoral College this Wednesday (06). Since the minimum number of votes is 270, this means that Trump won the final victory.
The announcement of the result caused the market to experience a strong wave of valuations. The Top 10 cryptocurrencies registered significant appreciation, with emphasis on the 18.9% increase in DOGE. In fact, only five of the 400 largest cryptocurrencies on the market opened the day falling.
Bitcoin (BTC) soared 7.5% and renewed its all-time high, reaching US$75,300 on cold Tuesday night (05). As a result, investors now hope that the cryptocurrency can reach the US$100,000 mark soon.
According to recent reports, the former US president secured a victory in the election in both the popular vote and the Electoral College. Trump surpassed the 70 million vote mark, while Kamala Harris has 65 million votes; in the Electoral College, the count is at 277 votes for Trump and 224 for Harris.
Election summary
The Stand With Crypto report confirmed that Donald Trump secured victory in this year’s presidential race, defeating Democratic leader Kamala Harris, which is in line with market expectations.
Indeed, Trump’s victory sparked optimism regarding a rapid rise in cryptocurrency prices. The Republican candidate began to defend Bitcoin, stating that he will make market rules more flexible and encourage companies in the sector to return to the USA.
These factors explain BTC’s rise towards a new all-time high. Now, many in the digital asset space anticipate a potential Bitcoin price rally to $100,000 in the coming days.
With the price of Bitcoin reaching a new high, expectations are rising about a new high in the price of the cryptocurrency. BTC Futures Open Interest rose nearly 9% to $43.57 billion, indicating growing optimism among investors.
Furthermore, the cryptocurrency market historically, especially Bitcoin, tends to recover after US elections. This appreciation confirmed the tendency for the upward cycle to resume shortly after the results of each election.
Bitcoin Today 11/06/2024: Trump victory takes BTC to new all-time high
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Bitcoin Today 11/06/2024: Trump victory takes BTC to new all-time high
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Bitcoin Today 11/06/2024: Trump victory takes BTC to new all-time high
