Bitcoin (BTC) Jumps 10% to New All-Time High of $80K as Trump Leads US Election Race

Many investors are hopeful due to Trump's crypto-friendly stance, which has boosted both Bitcoin and several other cryptocurrencies.

Bitcoin (BTC) price surged over 10% on Wednesday morning, hitting a record high and rallying broader cryptocurrency markets as U.S. presidential election updates showed Republican Donald Trump closing in on victory, according to projections by the Associated Press (AP).

Bitcoin rose as high as $80,039, according to data from Binance, notching a new all-time peak. The price gains came as Trump was seen leading Democrat Kamala Harris in the race for the White House, with 198 electoral votes to Harris’ 112, as per the AP.

Trump has expressed support for cryptocurrencies in the past, and his strong performance in the election could be boosting prices for Bitcoin and other digital assets, some investors said.

As updates on the U.S. election rolled in, the cryptocurrency market saw a lot of activity. Other major cryptocurrencies, such as Ethereum (ETH), Solana (SOL), Chainlink (LINK), and Avalanche (AVAX), gained 7% to 15%, while Dogecoin (DOGE) soared 29%.

According to market sentiment tracker Polymarket, Trump’s odds of winning spiked to 88%, a shift that analysts said was driving Bitcoin’s climb. Some financial analysts and institutions are now predicting even higher prices for Bitcoin.

Bernstein, a major financial firm, believes Bitcoin could reach $90,000, and some forecasts even anticipate a rise to $200,000 by the end of 2025.

Fredrick Collins, CEO of VeloData, noted that Bitcoin is “one of the top choices for trading around election events,” as enthusiasm builds around Trump’s rising chances.

The rapid rise in Bitcoin’s value led to a surge in trading activity, with $350 million in short liquidations (or forced sales from losing bets) reported in just one hour, according to data from Coinglass.

Bitcoin's dominance in the cryptocurrency market also climbed to over 60%, though popular crypto analyst Benjamin Cowen expects this trend to level off in the coming weeks.

The Federal Reserve might announce a 0.25% rate cut soon, which could add more cash flow to the market and potentially boost crypto prices even further.

Matt Hougan, CIO of Bitwise, pointed out that Bitcoin, Ethereum, and stablecoins are showing strong resilience, adding that “Washington can’t stop crypto,” no matter how the election plays out.

As election results and economic decisions continue to unfold, investors are watching the Federal Reserve's moves and election updates closely to see how they’ll impact the crypto market.