Bitcoin sets new record at $75,150 as pro-crypto sentiment rises in U.S. election
Bitcoin hits all-time high of $75,150 amid US election optimism
Bitcoin hit a fresh all-time high of $75,150 early Wednesday as US election results continue to roll in, pushing investor sentiment firmly into the green. This 8% surge emphasises the heavy influence political outcomes have on cryptocurrency markets, with Bitcoin once again proving its sensitivity to shifting odds in the Trump vs. Harris race.
The current election cycle has seen Bitcoin closely tracking Trump’s fluctuating odds on major betting platforms like Polymarket and PredictIt. Trump's odds of winning have rocketed from 58% to over 93% in recent days, sparking optimism for a crypto-friendly approach in US regulation. As a result, investors flocked to Bitcoin, positioning for potential gains should Trump secure a return to the White House. By the numbers, total bets on both candidates have reached a whopping $2.3 billion, with Trump-backed bets dominating at $1.41 billion, a clear sign of investor sentiment tipping toward pro-crypto policy expectations.
Bitcoin price milestones and profit-taking levels
Bitcoin’s rapid ascent today builds on a bounce from the $68,800 support level, marking $75,150 as a critical new milestone. While this record high signals market confidence, some investors are now watching for stabilization around $73,000 if short-term profit-taking kicks in. A steeper pullback could erase these gains, but today’s new peak suggests Bitcoin has more room to climb, especially if pro-crypto sentiment holds through the election's conclusion.
Implied volatility in Bitcoin options has also reached the highest levels since July. As Bloomberg noted, swings of up to 8% in either direction are possible, reflecting investor anticipation of regulatory shifts that could reshape the market landscape.
Over the past week, Bitcoin dipped over 4%. Institutional outflows hit $541M as LTH short 177k BTC ahead of election
