The U.S. presidential election officially began voting yesterday (November 5). This election is considered one of the most competitive in the past 60 years. The competition between Democratic candidate Kamala Harris and Republican candidate Donald Trump is quite intense, with some key swing states becoming critical battlegrounds that will determine the election outcome.

Latest Voting Results — Trump Leads with 120 Electoral Votes

As of 9 PM local time (Eastern Time) on November 5 (10 AM Singapore Time on November 6), polling stations in 32 states and Washington D.C. have closed.

According to the Associated Press, Republican presidential candidate Trump has received 120 electoral votes so far, while Democratic presidential candidate Harris has received 99 electoral votes. Trump has won states such as Alabama, Mississippi, South Carolina, Oklahoma, Florida, Tennessee, and Nebraska. Harris has won regions including Massachusetts, Connecticut, Maryland, Rhode Island, and Washington D.C.

Cryptocurrency holders tend to support Trump, while non-cryptocurrency holders lean more towards Harris. The two parties have significantly different positions on cryptocurrency policy: the Democrats favor strict regulation, while the Republicans advocate for supporting industry innovation.

On economic policy, Trump promotes economic freedom and reduced government intervention, showing a positive attitude towards cryptocurrency, aiming to make the U.S. a global cryptocurrency hub. His stance attracts a portion of voters who have a positive attitude towards cryptocurrency. In contrast, Harris takes a relatively moderate approach on economic and immigration policies, supporting clean energy and welfare policies.

As the outcome of the U.S. presidential election will have a significant impact on global markets, investors remain vigilant about market volatility. The Bitcoin and other cryptocurrency markets are also closely watched during the election, especially considering that Trump's policies may lead to a more lenient regulatory environment for cryptocurrencies.

Trump stated on Philadelphia's 1210 WPHT talk radio with Rich Zeoli: "If we win Pennsylvania, we win the whole election. We will make this country greater than ever before, but you must stay in line to vote. Don’t let them hold you back. You have an absolute legal right to cast your vote because if we win Pennsylvania, if we win the old federation, we will win everything. We win it all."

BTC Surges Past $72,000 Due to Election Impact

Trump's performance in the 2024 presidential campaign is also seen as a significant factor influencing Bitcoin prices. Trump openly supports cryptocurrencies, and the increased probability of his victory has a positive effect on Bitcoin prices.

Market analysis generally suggests that a Trump victory could be beneficial for Bitcoin prices, as his policies may alleviate regulatory pressure on cryptocurrencies. If Trump wins, Bitcoin prices could rise rapidly, potentially reaching new highs. Conversely, if Harris wins, the market may face short-term selling pressure, but in the long term, increased regulation could promote market stability and maturity.

According to the latest data from AICoin, BTC surpassed $72,000 today (November 6), with a rise of over 6% in 24 hours, currently valued at 72,120 USDT. Various technical indicators show a strong upward trend, and detailed BTC information can be viewed by downloading the AICoin app https://www.aicoin.com/download.

Image Source: AICoin

Bloomberg ETF analyst Eric Balchunas also posted on social media on the evening of November 5, stating that BTC's sudden rise may be a reaction to the U.S. presidential election. He personally believes that BTC seems to be a clear indicator, as it is a topic involved in the campaign, while stocks and bonds are less significant.

Summary

The dynamics of the U.S. presidential election and the Bitcoin market reflect the current global economic and political landscape. These events not only affect domestic policies in the U.S. but also have far-reaching implications for the global economic structure. As the election results gradually emerge, investors and observers need to closely monitor changes in the election situation and market reactions to prepare for potential market volatility.

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