Washington (TDI): Bitcoin surged above $71,000 on Wednesday, following early election results showing former President Donald Trump leading with 171 electoral votes.
The cryptocurrency has risen by more than 60% in 2024, gaining 3.1% in a single day, marking its largest jump since late October.
The global cryptocurrency market has now reached a total valuation of $2.44 trillion, reflecting a 7.54% rise in the past 24 hours.
Daily trading volume has surged by 47.51%, totaling $122.82 billion in transactions.
Decentralized finance (DeFi) platforms contributed $4.37 billion to the total volume, while stablecoins, pegged to fiat currencies, dominated with $113.45 billion in transactions.
Bitcoin’s market dominance currently stands at 60.04%, marking a slight increase of 0.69% since the previous day, underscoring its continued influence amid growing investor interest.
Traders closely monitor the election outcome, as Trump’s crypto-friendly policies are seen as a positive signal for the digital asset market.
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In contrast, Vice President Kamala Harris, his opponent, is associated with regulatory measures that have affected the cryptocurrency sector during her time in office.
Trump has secured wins in 20 states, including key battlegrounds like Texas and Ohio, which hold a combined 55 electoral votes.
Harris, meanwhile, has won in Democratic strongholds, including New York, Illinois, and Massachusetts, but remains far behind in the electoral count.
Bitcoin’s rise this year has been further fuelled by the launch of U.S. spot-Bitcoin exchange-traded funds (ETFs) in January.
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The cryptocurrency is now less than 5% from its all-time high of $78,000 set in March.
Analysts suggest that Trump’s stance on digital assets is contributing to the growing investor optimism, contrasting with Harris’s regulatory approach under the Biden administration.
