Bitcoin Surpasses $75,000 Following Trump’s Projected Presidential Victory
Those who anticipated a Trump victory impacting bitcoin prices were correct.
Bitcoin markets surged after 10 pm ET on election night, briefly exceeding $75,000. This movement coincided with projections of Trump's Electoral College win, marking his potential return as the 47th president of the United States.
According to TradingView, bitcoin crossed $70,000 during morning voting hours but dipped below that level for much of the afternoon. As polls closed on the East Coast, it regained and maintained that level.
In equities, pre-market indicators suggest US indices will open positively. The Dow is expected to rise over 3%, while the S&P 500 and Nasdaq are projected to increase by 1.5% and 2.2%, respectively.
Crypto equities also indicate strong performance, with Coinbase expected to rise more than 12% to $217.8 from Tuesday's close of $193.96. MicroStrategy's pre-market trading suggests a similar increase of nearly 12%.
Polymarket emerged as a leading market performer on Election Night, showing high odds for a Trump win prior to the vote. Trump's odds reached 90% as bitcoin's price peaked and remained elevated throughout the night, aligning more closely with Polymarket predictions than many pre-election polls.
The morning's victory announcement may have significantly benefited Théo, a notable Polymarket bettor, who likely doubled his $30 million stake.