Bitcoin price after US elections: Bitcoin reached an unprecedented peak on Wednesday, crossing $75,000 for the first time after initial US presidential election results trends indicated that Republican Donald Trump held a narrow lead over Democratic candidate Kamala Harris. This milestone surpassed the previous record of $73,750, demonstrating strong market confidence.
Bitcoin traded at $75,060, showing an 8.4% increase. Additionally, Ether increased by 7.2%, reaching $2,576. The market's positive response appears influenced by Trump's more favorable stance on cryptocurrencies compared to Harris, according to an ET report.
The dollar index strengthened following Trump's initial polling results, increasing 1.25% to 104.72, measuring against six major currencies including the euro and yen.
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US Election Results Live UpdatesFinancial experts indicate that Trump's proposed policies on immigration restrictions, tax reductions, and comprehensive tariffs would likely increase inflation and bond yields more significantly than Harris' moderate-left agenda.
The yields on US Treasury bonds increased, with the 10-year note reaching 4.351% from 4.279%, approaching the recent four-month peak of 4.388%. The two-year yields rose to 4.241% from 4.189%.
Alternative cryptocurrencies also showed significant increases: BNB (+5%), Solana (+13.5%), XRP (+5%), Dogecoin (+21.6%), Cardano (+6.6%), Shiba Inu (+10%), Avalanche (+12.3%), and Chainlink (+11.4%).
Stablecoin volume totals $100.92 billion, representing 92.46% of total 24-hour cryptocurrency market activity, based on CoinMarketCap data.
Bitcoin's market capitalization increased to $1.445 trillion, maintaining its position as the largest cryptocurrency. CoinMarketCap reports Bitcoin's market dominance at 59.86%, with 24-hour trading volume increasing 40.89% to $59.26 billion.
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Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
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