Bitcoin Reached a New All-Time High of $75,000 Overnight, Fueled by Growing Speculation that Former President Donald Trump was Gaining Momentum in the U.S. Election.

As election results trickled in, the cryptocurrency surged by 7%, reaching $74,392 after briefly hitting its previous record of $73,797.68 in March.

As the U.S. presidential election unfolded, Bitcoin (CRYPTO: BTC) price movements were influenced by the varying results.

The cryptocurrency surged by 7% on Wednesday night as former President Donald Trump made substantial gains in the Electoral College, emerging victorious in crucial states like North Carolina.

With the anticipation of heightened market volatility until a clear winner was announced, Coinbase (NASDAQ:COIN) and MicroStrategy (NASDAQ:MSTR) also experienced gains, rising by 3% and 4%, respectively.

The election outcome became a key factor driving cryptocurrency, with analysts predicting potential price movements based on the results.

According to Ryan Rasmussen, Head of Research at Bitwise Asset Management, Bitcoin’s behavior in the coming days would be heavily influenced by the election results.

If Trump wins, new highs could be reached, while a possible short-term sell-off might occur if Vice President Kamala Harris emerges victorious, as per Rasmussen's analysis.

Historically, Bitcoin has shown strong returns following U.S. elections, especially during Bitcoin halving years, when the cryptocurrency's supply is reduced.

This year, investors anticipate a continuing upward trend, particularly if a favorable outcome for Trump instills optimism in the market.

Crypto analysts are monitoring the election results closely, expecting potential short-term volatility but ultimately anticipating a rally in the longer term.

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