US elections 2024: Bitcoin rises to an all time high, internet calls it the 'Trump effect'
The price of Bitcoin and other cryptocurrencies skyrocketed as polls closed in the United States election on Tuesday, with former President Donald Trump showing strength in several early-voting states.Bitcoin was trading at $71,300 as of 9:15 p.m. Eastern, up around 5% in the previous 24 hours. Many cryptocurrency investors are rooting for Trump to defeat Vice President Kamala Harris, as the former president has pledged to develop the crypto business in the United States if elected.
Why is Bitcoin hitting a record high???
The Associated Press quickly called Florida for Trump on Tuesday evening, as Trump built significantly on his margin of victory over President Joe Biden four years ago.?
Trump also showed early strength in Georgia and North Carolina, though those states were still counting votes and were too early to call.Crypto investors seem to be preparing for far more volatility after the election.?
A CF Benchmarks index, which uses futures activity to gauge how much volatility investors expect in Bitcoin over 30 days, hit its highest level on Monday since early August.
In general, Trump is believed to be the most supportive of Bitcoin. This summer, Trump visited a big Bitcoin conference, promising to make the United States "the crypto capital of the world" and to keep Bitcoin for strategic purposes.
How did people on the internet react?
People on the internet called it a "Trump effect" and Trump supporters were ecstatic at the market scene. Here's what people commented.?
Also read:?US Election 2024: Donald Trump takes early lead as voting closes in Presidential polls
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