Early election results indicating a clear advantage for Donald Trump and the Republicans have bolstered the cryptocurrency market, with Bitcoin leading the charge.
Donald Trump has positioned himself as a proponent of cryptocurrency market development, arguing that if the United States fails to adopt cryptocurrencies for everyday use, other countries will seize the advantage. The Republican Party, under Trump's leadership, opposes stringent regulation and, crucially, resists raising capital gains taxes. This stance has buoyed both the stock market and Bitcoin, with the latter already gaining over 7.5%.
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Open account Try demo Download mobile app Download mobile appYesterday's RCP polls gave Trump a 60% chance of victory. Today, Polymarket has dramatically increased those odds to 99%. While the vote count is still ongoing, Bitcoin has demonstrated the most robust market reaction. It has surged over 7.5% today, bringing its year-to-date gains to an impressive 72%. Source: Bloomberg Finance LP, XTB
Bitcoin has breached the $75,000 threshold, setting a new all-time high. Previous peaks had fallen just short of $74,000. The cryptocurrency is currently testing the upper limit of its upward trend channel, slightly retreating from the $75,000 mark. The next significant resistance level lies at $77,000, representing a 113.0% retracement of the last downward wave.
However, analysts caution that an official Trump victory could trigger profit-taking, potentially leading to a correction. In such a scenario, initial support levels are anticipated at $74,000 and $72,000.
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