Bitcoin Surges Past $70K as Cryptocurrencies and U.S. Stocks Climb on Election Day
As Americans cast their votes for the presidential election, Bitcoin has risen above $70,000, signaling a robust market response.
As Americans head to the polls to elect their next president and determine control of Congress, risk assets see an upward trend. Bitcoin (BTC) has risen past $70,000, marking a 2.4% increase in the past day. The broader CoinDesk 20 Index has gained 1.6% during the same period, though Ethereum (ETH) is notably lagging behind. The ETH/BTC ratio has dropped to 0.03526, its lowest since April 2021.
Crypto-related stocks also experienced gains, with Semler Scientific reporting a 26% increase following its quarterly results, bolstered by additional Bitcoin purchases and a strategy akin to that of MicroStrategy's Michael Saylor. Other notable performers include Marathon Digital, Riot Platforms, and Hut 8, which all witnessed increases ranging from 3% to 5% amid a positive market sentiment.
In traditional finance, the Nasdaq and S&P 500 indexes also rose, by more than 1% and 0.8% respectively, as commodity prices like gold and oil showed slight gains, and the 10-year U.S. treasury yield increased by seven basis points to reach 4.36%.
Polls indicate a competitive race for the presidency, with the betting market Polymarket reflecting a 62% probability of Donald Trump winning against Kamala Harris at 38%. The outlook for a Republican sweep remains at 39% versus a Democrat sweep at 16%.
For further insights, check out Dogecoin Rallies 10%, Bitcoin ETFs Bleed Ahead of U.S. Elections.
