Bitcoin reached a new all-time high today, hitting $74,870.20, as Donald Trump’s odds of winning the US presidential election surged to 97% on the prediction market. Bitcoin is currently trading at $74,331.55, up 8.61% in the past 24 hours, and its market capitalization now stands at $1.47 trillion.
On Polymarket, Trump’s chances have climbed sharply, with $1.4 billion in volume traded on his contract. In contrast, Kamala Harris’s odds have dropped to 2.9%, with nearly $950 million in volume on her contract.
The correlation between Bitcoin’s price increase and Trump’s rising election odds suggests investor anticipation of favorable policies toward cryptocurrencies under a potential Trump administration. Trump has indicated support for the crypto industry, differing from current regulatory approaches.
As vote counting continues, market participants are closely monitoring both the election outcomes and Bitcoin’s performance. However, Harris’ team has confirmed she will not be speaking at Howard University tonight while Trump is reportedly en route to a convention center in Florida to address an audience including Elon Musk.
As of press time, Harris still has a mathematical possibility of winning the election through Wisconsin, Michigan, and Pennsylvania. However, Trump leads in all three swing states required for a Harris victory.
