Bitcoin price jumps to record high, tops $75,000 as Donald Trump looks set to return as 47th US President

Bitcoin Price Today: Increasing chances of a victory for former US president Donald Trump in the US Presidential Elections 2024 gave a leg up to the bitcoin prices on Wednesday, November 6, with the major cryptocurrency hitting a fresh high and crossing the $75,000 mark for the first time.

Bitcoin price jumped over 8% today to a record $75,371.69, surpassing its previous high of $73,797.98 scaled in March this year.

The rally comes as Trump is seen as more supportive of cryptocurrencies than Democratic Presidential candidate Kamala Harris.

According to a report by AFP, Trump has pledged to make the United States the "bitcoin and cryptocurrency capital of the world" and to put tech billionaire Elon Musk in charge of a wide-ranging audit of governmental waste.

Other cryptocurrencies such as Ethereum, Solana, Dogecoin, Cardano and Shiba Inu also saw strong buying action, rallying up to 12%.

US Elections 2024

While the results are not yet completely known and will take a few days for the officials to count all votes, investors are already anticipating a Republican win. The Republicans have taken control of the Senate for the first time in four years although results of the House elections are not yet in.

Catch all the LIVE updates on US Presidential Elections 2024 here

270 electoral votes are needed to win the presidency, and Donald Trump is leading with electoral 247 votes as against Harris' 210. 

Trump won Georgia, a state that had voted for Democrats in 2020 but is traditionally a Republican stronghold. His win in North Carolina also made it harder for Vice President Kamala Harris to secure enough votes.

Meanwhile, Donald Trump already declared victory in the 2024 election during a speech in West Palm Beach, promising to lead the United States into a "golden age."

“This was a movement like nobody’s ever seen before, and frankly, this was, I believe, the greatest political movement of all time. There’s never been anything like this in this country, and maybe beyond," Trump said.

Ripple Effect

Signs of a possible Trump victory not only bolstered Bitcoin but also powered a rally in US stocks, the US dollar index along with the Indian stock market. 

The US Dollar Index rose 1.9% to 105.30, its highest level in almost four months. Meanwhile, futures for the S&P 500 gained 1.7% and Dow Jones Industrial Average rose 1.8%. Nasdaq composite future was 1.8% higher, signalling a strong start for the US markets later today. 

Back home, Indian benchmark indices - Sensex and Nifty - rallied over 1% each, led by gains in IT and banking packs.

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