Bitcoin set a new all-time high Tuesday night, amid strong early results for Donald Trump in the 2024 presidential election.
Why it matters: It indicates confidence from the market in Trump’s chance of winning and ushering in a much more pro-crypto regulatory environment.
By the numbers: At 8am ET Tuesday morning, bitcoin (BTC) traded for $68,710, according to CoinGecko.
- As of 10:30pm Tuesday night, bitcoin hit a high of $74,504, which is roughly $1,400 above the previous high from March.
- That said, bitcoin will not break its inflation-adjusted all-time high from 2022 until it gets somewhere over $80,000.
Context: Historically, bitcoin overperformed following the prior two presidential elections.
- Since bitcoin ETFs were approved early this year, the crypto industry awaited the return of a bull market.
- While the trends have generally been upward, they haven’t quite broken through to a full bull market — yet.
What we’re watching: It remains to be seen if the elation continues once the race results become clear.