Bitcoin surges To $73,526 amid Trump victory

Bitcoin rallied sharply on Wednesday, November 6, closing at $73,526, marking a 5.72 per cent gain or a $3,978 increase from the prior trading session.

This comes after a strong performance over the past month, with Bitcoin advancing 17.75 per cent. On a year-over-year basis, the cryptocurrency has seen an extraordinary rise of 107.12 per cent.

A report from The Economic Times reveals how the U.S. election impacted investors’ sentiment in the cryptocurrency space.

Gautam Chhugani, lead researcher at Bernstein, highlighted the election’s short-term influence on the market. He projected that should Donald Trump secure a win, Bitcoin’s price could surge further to between $80,000 and $90,000 within the next two months, potentially eclipsing its March all-time high of $73,800.

Forbes echoed this optimistic sentiment, noting the market’s resilience and cautious optimism as Bitcoin reached its latest peak.

 Standard Chartered analyst Geoff Kendrick added that a Trump victory could propel Bitcoin to as high as $125,000 by year-end as Trump’s pro-crypto stance and backing from industry heavyweights—such as Marc Andreessen and the Winklevoss twins—have bolstered the market’s confidence.

However, in contrast, Kendrick noted that a Kamala Harris victory could lead to a more tempered rise in Bitcoin, with prices likely closing around $75,000 by year-end.