Bitcoin Rally Reaches All-Time High as Anticipation of the U.S. Election Spikes
Bitcoin (BTC) surged to new all-time highs on Nov. 6, surpassing the $73,800 level as excitement revolved around the result of the U.S. presidential election. The leading cryptocurrency gained 8.63% over the past 24 hours, and momentarily topped at $75,011.06, according to CoinMarketCap data.
The day began strongly as Bitcoin jumped over 3% to $70,577 during New York trading hours, mirroring the wider market based on developments related to the election. Market analysts link Bitcoin's performance to a series of political predictions, most of them involving Republican candidate Donald Trump.
Prediction markets have become a hot point for traders to speculate on the elections. Decentralized prediction market platform Polymarket notably showed Trump’s probability of victory at over 60%, while Harris’s chances slid below 39%. This change in chances came on the same day Bitcoin topped above the $70,000 threshold on Nov. 5.
However, $541.1 million was pulled out of spot Bitcoin ETFs, with Fidelity, Ark Invest, and Grayscale being the major ones that saw withdrawals. BlackRock's IBIT bucked this trend, posting $38.3 million in inflows.
One of the most interesting indications of trader sentiment has come from the options market. As one market analyst noted, there is a significant amount of bullish positioning for the key dates in November, especially the price targets between $72,000 and $75,000. However, some traders have kept cautionary positions, with one notable trader buying $64,000 of put options.
