BTC Surges to All-Time High as Trump Gains Election Ground

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Latest Prices

• CoinDesk 20 Index: 2,190.41 (+9.66%)
• Bitcoin (BTC): $74,541.68 (+8.34%)
• Ether (ETH): $2,635.55 (+8.06%)
• Nikkei 225: 39,480.67 (+2.61%)

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Bitcoin surged past $75,000 early in the European morning as Donald Trump moved closer to reclaiming the presidency. The pro-crypto candidate secured victories in key swing states like North Carolina and Georgia, with Pennsylvania also shifting in his favor. At the time, BTC was trading over $74,000, approximately 1.3% below its new all-time high of $75,363.66, according to CoinDesk Indices data. The overall digital asset market, represented by the CoinDesk 20 Index, increased by over 9% in the past 24 hours.

Major tokens DOGE and SOL experienced significant gains amid the election developments. Dogecoin (DOGE) skyrocketed over 25%, nearing $0.22, and remains about 20% higher in the last day, bolstered by the support of Trump ally Elon Musk. Musk proposed a Department of Government Efficiency (D.O.G.E) as part of the Republican campaign, aiming to enhance government spending and monetary planning. Solana (SOL) also saw nearly a 20% rise, reaching a high of $188.30, fueled by optimism regarding the potential approval of a Solana ETF under a pro-crypto administration.

Crypto equities surged by more than 10% in pre-market trading. MicroStrategy's stock climbed 12%, nearing $255, just a few percentage points shy of a record high, reflecting an almost 280% year-to-date increase. Coinbase shares rose 12%, approaching $220. Bitcoin mining companies like Riot, Marathon, and IREN also saw gains exceeding 10%. Notably, Metaplanet's stock soared by 24%, marking over 1,100% growth this year. André Dragosch, head of research in Europe at Bitwise, remarked that the initial stock-market response indicates optimism that a more pro-crypto administration could trigger a renewed bull market.

Chart of the Day

• The yield on the U.S. 10-year Treasury note has increased by 20 basis points to 4.47%, breaking a year-long downtrend.
• This rise likely reflects concerns that Trump's proposed tariffs and immigration policies could lead to persistent inflation.

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