Bitcoin breaks all-time high as Trump leads in U.S election

Bitcoin posted strong gains in the early hours of Wednesday, reaching a high of over $74.5K, in reaction to Donald Trump’s early lead in the US election.
Republican candidate Donald Trump currently leads Democratic candidate Kamala Harris by 178 to 98 electoral college votes, Bitcoin’s highest level ever recorded in history.

DOGE and SHIBA INU reported notable growth in the meme space as risk appetite increased. According to data from Binance, the price of Bitcoin has now marginally declined to $74k at the time of publication.

The rally was set in motion as election data from the New York Times shows that Republican candidate Donald Trump presently leads Democratic candidate Kamala Harris by 178 to 98 electoral college votes.

As the risk appetite surged, DOGE and SHIBA INU reported significant growth in the meme space.

Billionaire Elon Musk’s continuing to support Republican contender Donald Trump and the meme coin’s connection to his “Department of Government Efficiency” program—which attempts to cut government expenditure that both Musk and Trump believe is unnecessary, triggered more appetite for risk

The outcome of the US election may be announced hours or days after polls close since close margins of victory in swing states may require recounts.

The US Federal Reserve’s Federal Open Market Committee meeting on November 7 could increase volatility, as current projections indicate a 94.1% possibility of another 25 basis point interest rate drop.

According to market analysts, market volatility will surge drastically after the election, which Bitfinex analysts believe will either “fuel big moves” or cause a “much deeper correction” in Bitcoin’s value