As a seasoned analyst with over two decades of market experience under my belt, I’ve seen my fair share of market surprises and unpredictable events. The current rally in Bitcoin, memecoins, and other cryptocurrencies following Donald Trump’s early lead in the U.S. election is yet another reminder that the market can be as unpredictable as a political campaign.
In the past hour, Bitcoin surged approximately 3%, peaking at $71,500, as financial markets reacted to Donald Trump’s initial advantage in the U.S. election results.
Currently, as per the data from TradingView, the value of Bitcoin has moderately decreased to approximately $71,309 at the point when this information was released.
During the specified period, Dogecoin (DOGE) and Shiba Inu (SHIB) experienced significant gains at approximately 5% and 3%, respectively, while Ether (ETH) and Solana (SOL) also rose by about 1.9% and 2.6%, according to CoinGecko’s data.
The gathering occurs with Republican nominee Donald Trump holding a significant advantage over Democratic nominee Kamala Harris in the Electoral College at 95 votes to 35, based on figures provided by the Associated Press regarding the election.
During the election period, there has been increased volatility in digital currencies like Bitcoin (BTC), as it experienced a decrease of 2.4%, reaching a temporary low of $68,755 at 8:00 PM UTC.
During that timeframe, both Dogecoin (DOGE) and Shiba Inu (SHIB) saw a dip in value, but they’ve managed to climb by 11.2% and 8.5%, respectively, over the last 24 hours according to CoinGecko.
The surge in DOGE’s value occurred as billionaire Elon Musk persisted in his advocacy for Republican nominee Donald Trump, coinciding with the memecoin’s connection to Musk’s “Efficiency in Government” initiative – an effort to reduce government spending on areas that both Trump and Musk deem unnecessary.
Multiple financial experts anticipate that market turbulence might significantly spike after the election results are announced, potentially causing significant fluctuations or even a more pronounced drop in Bitcoin‘s price trends, according to Bitfinex analysts.
One trader said he expects the price of Bitcoin to swing “at least” 10% in either direction once the election is called.
The Volatility Index for Bitcoin, which measures predicted volatility over the next few weeks, reached a three-month peak of 65.7 on November 3rd. However, it has since dropped slightly to 63.8 as per data from Deribit, a cryptocurrency derivatives exchange.
In eight states so far, the tallying of votes has started, and at this point, Trump holds a lead over Harris by 23 electoral college votes to her 3.
The first polls close on Nov. 5 at 11:00 am UTC.
The result of the U.S. election might be declared anywhere from shortly following the closure of polls to several days afterward, due to tight victories in key states potentially necessitating a recount.
The potential for market fluctuations might increase significantly following the U.S. Federal Reserve’s Federal Open Market Committee meeting scheduled for November 7. It’s predicted with approximately a 94.1% probability that interest rates will decrease by an additional 0.25 percentage points at this meeting.
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2024-11-06 04:27