The Bitcoin (BTC) price has skyrocketed by over 9% in the last 24 hours hitting a new all-time high of $74,917 levels as Donald Trump’s victory odds jump to 88% with strong gains in just over the last over. Along with Bitcoin, altcoins are also delivering a strong show with Ethereum (ETH), Solana (SOL), Chainlink (LINK), and Avalanche (AVAX) rallying by 7-15% today. Also, the meme coin sector led by Dogecoin’s (DOGE) 28% single-day gains has been cheering the most over Trump’s victory.
Bitcoin (BTC) to $100K Soon After Donald Trump Victory?
The broader crypto market has been actively betting on Donald Trump’s victory and is looking forward to all his political campaign promises of creating a strong crypto environment in America. As per the data from the Associated Press, Trump is leading on nearly 198 seats while Kamala Harris is leading over 112 seats as of press time.
Furthermore, data from Polymarket shows that in the past hour, Donald Trump has increased his chances of election victory by 30% to 88% now. This news was enough to send the Bitcoin price skyrocketing to fresh all-time highs giving the much-awaited breakout. Following the election results, it will be interesting to see how long Donald Trump takes to fire Gary Gensler, as promised by him earlier.
Investors are already setting up the sight of a $100K Bitcoin price rally. Speaking on the development, Fredrick Collins, chief executive officer and founder of crypto data platform VeloData said:
“It has to be because the early numbers are looking good for Trump. Bitcoin is one of the top instruments for trading the election tonight in my opinion. It’s relatively liquid and very tied to the outcome. So it’s pretty safe to assume any increases in price are tied to increases in Trump’s prospects of winning.”
Investors were very much predicting the crypto market volatility on the election with the BTC options data showing 8% swing chances on either side. Furthermore, the Coinglass data shows that as Bitcoin hits new all-time highs, there have been $350 million in short liquidations across the crypto market just within the past hour.
With today’s surge, Bitcoin has extended its market dominance to more than 60%. Popular crypto analyst Benjamin Cowen noted: “I don’t know who needs to hear this but BTC dominance is likely going to top within the next 8 weeks”.
On the other hand, after a strong October, the spot Bitcoin ETF market registered outflows for three consecutive days in a row. On Monday, the Bitcoin ETF outflows surged to $541 million, the second-highest in history.
Bitwise CIO Matt Hougan believes that Bitcoin, Ethereum, and stablecoins will sustain their growth trajectory, regardless of the election outcome. Hougan stated, “Washington can’t stop crypto.”
All Eyes on FOMC Meeting Next
All eyes will be on the FOMC meeting on Thursday, November 7, with the Federal Reserve likely to announce a 25 basis points rate cut this week. Also, the labor market is seeing some slowdown from the overheated levels a few years back. This is another reason for the US Central Bank to dial back on its interest rates moving ahead.
“It removes all doubt that you are going to get a 25-basis-point cut in November and another 25-basis-point cut in December,” said Steven Blitz, chief US economist at TS Lombard.
It could provide an additional liquidity boost to the entire crypto market thereby igniting the next major bull run.
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