On US election day, Bitcoin surged over 3%, reaching $71,500, influenced by Donald Trump's early electoral lead. Bitcoin's price retraced to $71,309 following the initial spike. Memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) also saw significant gains, rising 5% and 3% respectively. Meanwhile, Ether and Solana experienced smaller increases of 1.9% and 2.6%. The heightened volatility in crypto assets coincided with election developments, with Bitcoin previously dipping to $68,755 before its rally. Analysts forecast potential market volatility as election results are confirmed, suggesting potential movements of at least 10% in either direction. As the election's vote count progresses, Trump's lead seems poised to impact market dynamics significantly. The outcome announcement can range from hours to days post-election closure, with narrowed margins potentially inviting recounts. Additionally, the Federal Reserve's expected interest rate cuts may further influence market sentiment and volatility in the crypto space.

Source 🔗