Wed Nov 06 02:40:00 UTC 2024: ## Bitcoin Rallies on Election Day, Poised for Record High
**NEW YORK -** Bitcoin surged Tuesday evening, approaching its all-time high, as investors digested the results of the U.S. presidential election. The flagship cryptocurrency jumped over 8% to $73,179.99, according to Coin Metrics, and is just shy of its previous record.
The gains were amplified as Donald Trump took an early lead in the Electoral College, although major swing states remain undecided. The election’s impact on crypto is expected to be significant, with analysts predicting volatility until a clear winner emerges.
“This election is having a massive influence on crypto,” said Ryan Rasmussen, head of research at Bitwise Asset Management. “Expect bitcoin – and crypto more broadly – to be choppy in the days ahead…until we have definitive election results.”
A victory for Vice President Kamala Harris is anticipated to trigger a short-term dip in bitcoin’s price, while traders anticipate a price surge should Trump win. “If Trump wins, I believe we’ll see new all-time highs,” added Rasmussen. “If Harris wins, I expect a decent short-term sell-off, with prices taking a month or two to recover.”
Despite the immediate uncertainty, bitcoin is widely expected to reach a new record in the coming weeks. Historically, the cryptocurrency has witnessed significant returns in the 90 days following election years, driven by factors such as the Bitcoin halving event and potential Federal Reserve policy shifts.
Crypto analysts believe that bitcoin is currently trading at its fair value, indicating potential for further growth. “If the election proves to be a positive catalyst in the coming days, bitcoin can rally and is poised to establish a new record,” said Julio Moreno, analyst at CryptoQuant.
The 2024 presidential election is being seen as pivotal for the crypto industry. While many view a Harris win as a potential threat to crypto, Trump’s pro-crypto stance and direct engagement with the industry have fueled optimism among many investors.
With the government deficit at a record high and tax cuts promised by both candidates, investors see bitcoin as a hedge against potential inflation and a decline in the value of the dollar.
First Piper 