Bitcoin (BTC) Tests $71,000, Eyes All-Time Highs as Early US Election Results Bolster Trump Victory Odds

Bitcoin US Election

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Joel Frank

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Joel Frank

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Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...

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November 5, 2024 20:30 EST

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The Bitcoin (BTC) price is probing $71,000 as early US Presidential election results roll in and suggest ex-President Donald Trump is performing well, boosting his odds of clinching the presidency on betting markets.

Trump’s odds of winning have surged to around 70% on Polymarket, one of the most widely watched political betting markets.

Counting in the most important swing state Pennsylvania only just begun. But Trump’s blowout performance in Florida, where he leads Harris by over 12%, is setting the tone for a strong night for the former President.

Exit polling data out of most states so far has highlighted that issues like the economy and immigration are top of voters lists – and both are issues that voters trust Trump on more than Harris.

In terms of other swing states, Trump is currently leading in Georgia while Democrat candidate Harris is leading in North Carolina.

Bitcoin (BTC) Eyes Test of All-Time Highs as Trump US Election Victory Looms

It remains far too early to call the election in Trump’s favor. Pennsylvania will be absolutely key, given the whopping 19 electoral college votes up for grabs.

But his odds are moving in the right direction and as confidence rises, Bitcoin could soon retest its record highs in the upper-$73,000s.

Ex-US President Trump has come out as staunchly pro-crypto this year. He pledged to establish a national bitcoin stockpile and to fire anti-crypto SEC chair Gary Gensler on “day one”.

He also has personal involvement in DeFi project called World Liberty Financial. So investors anticipate a Trump presidency would herald a much more friendly regulatory environment for the crypto industry, fostering adoption.

A Republican sweep of both chambers of Congress could also open the door to the passage of broad crypto regulations next year, another potential positive catalyst for the market.

Polymarket last had odds of a Republican sweep around 50%.