Bitcoin recently spiked above $71,000, responding to early updates from the U.S. election, where Donald Trump currently leads Kamala Harris in electoral votes. The crypto market is buzzing, and Bitcoin’s price surge reflects the influence of political events on crypto. After hitting $71,500, Bitcoin has eased slightly to around $71,309.
The excitement isn’t limited to Bitcoin—other major coins also see gains. Ether (ETH) and Solana (SOL) each rose by around 2%, but the real stars are meme coins Dogecoin (DOGE) and Shiba Inu (SHIB), which have jumped by 5% and 3%, respectively. Dogecoin’s recent rise has likely been fueled by Elon Musk’s ongoing support for Trump and DOGE, as he promotes a “government efficiency” movement that aligns with Trump’s message.
As election results come in, the market has been highly volatile. Bitcoin even dropped briefly to $68,755 before bouncing back. Despite slight pullbacks, Dogecoin and Shiba Inu are still up significantly over the past 24 hours, with DOGE up over 11% and SHIB around 8.5%. Many traders believe we could see Bitcoin swing by at least 10% depending on how the final election results pan out.
Analysts expect more price movements as the election outcome becomes clearer. The results could trigger either further gains or a deeper correction for Bitcoin. Adding to the suspense, the U.S. Federal Reserve will meet on November 7, and a 25-basis-point interest rate cut is expected. This decision could add another layer of impact on the crypto market, as rate cuts generally encourage riskier investments like crypto.
The vote count has already started in some states, with Trump leading Harris. However, close races in critical swing states could delay the outcome, and recounts might be necessary if results are very tight.
In short, Bitcoin’s price and meme coin gains show how reactive the crypto market can be to major events like the U.S. election. As election results unfold and with the Fed’s upcoming decision, the market will likely remain unpredictable for the next few days.
