Bitcoin reached a new record high of $75,011.06 on November 6, jumping by 8.63% in just 24 hours. The rise in Bitcoin’s price was linked to excitement about the US presidential election, especially related to Republican candidate Donald Trump’s growing chances of winning.
Bitcoin started the day strong, rising more than 3% to $70,577 during New York trading hours. This increase followed news and predictions about the election. As Trump’s chances of winning seemed to improve, many traders bought Bitcoin, hoping the uncertainty would push prices higher.
According to a prediction platform called Polymarket, Trump’s chances of winning are above 60%, while Vice President Kamala Harris’s chances fell below 39%. This change in the election outlook likely helped push Bitcoin’s price above $70,000 on November 5.
At the same time, there was mixed activity in Bitcoin exchange-traded funds (ETFs). $541.1 million was withdrawn from Bitcoin ETFs like those from Fidelity, Ark Invest, and Grayscale. However, BlackRock’s Bitcoin ETF, IBIT, saw $38.3 million in new investments, suggesting that some big investors still see Bitcoin as a good bet.
In the options market, most traders seemed optimistic, with many expecting Bitcoin to reach between $72,000 and $75,000 in November. However, some traders were cautious, buying $64,000 worth of put options to protect themselves in case the price drops.