Bitcoin Surged Back to the $70,000 Mark on Election Day

The leading cryptocurrency traded above $70,000 on Tuesday morning, gaining 2.4%.

Bitcoin price today: Surged back to the $70,000 mark on Election Day, as the neck-and-neck race between Kamala Harris and Donald Trump neared a close.

Bitcoin was trading above $70,000 on Tuesday morning, gaining 2.4%. Just days ago, Bitcoin was hovering near its all-time high. Last week, Bitcoin peaked at $73,562, just shy of its record high of $73,737 reached in March. Then it slipped, briefly dipping below $68,000. Over the past few days, Bitcoin’s price has remained largely stagnant as the market awaited the election results.

Election uncertainty has fueled fear and doubt within the crypto community. Several polls published over the weekend showed Harris gaining ground on Trump. And a new poll from famed Iowa pollster Ann Selzer published by the Des Moines Register showed her ahead of Trump by three points in Iowa, a Trump-friendly state.

According to 538’s simulations, Harris wins 50 times out of 100, while Trump wins 49 times out of 100. Other models, such as Decision Desk HQ and The Hill’s averages, show that Trump has a 54% chance of winning the election, compared to Harris’ 46%.

What will happen to Bitcoin under Trump or Harris?

There’s little doubt that Bitcoin will soar if Trump wins. The former president positioned himself as a “crypto candidate,” actively embracing digital assets as part of his campaign. He even started accepting campaign donations in various cryptocurrencies, including Bitcoin, Ether, Dogecoin, and Solana, among others.

Of course, not all crypto enthusiasts are Trump supporters, but many welcome his recent pro-crypto stance. For instance, at a Bitcoin conference, Trump promised to fire SEC Chair Gary Gensler on his first day in office — a move that resonates strongly with crypto advocates, as Gensler’s policies have often been unpopular in the cryptosphere. Trump further promised to establish a national Bitcoin reserve, an ambitious goal that has captivated many in the crypto community.

Harris, who had previously been cautious about discussing cryptocurrencies, recently began to address the topic more openly. She has called for stronger regulatory oversight of the crypto market, emphasizing the need for clear rules to ensure consumer protection and financial stability.

Given Harris’ late and lukewarm response to Bitcoin, many anticipate an immediate dip in leading cryptocurrency’s price if she wins, followed by a possible rebound later.

Other major cryptocurrencies are rising, too

The rise in Bitcoin’s price has had an impact on the entire cryptocurrency market. Ether, the second-largest cryptocurrency by market capitalization, is currently trading around $2,500, reflecting a slight jump of 0.5% over the past 24 hours. Other major cryptocurrencies, such as Solana, Cardano, Dogecoin, and Shiba Inu, gained 2.8%, 2.6%, 12.9%, and 7.6%, respectively.