Bitcoin Surged 8.9% to $74K as U.S. Election Begins

• The U.S. presidential election has begun
• Bitcoin first jumped to $70K
• Later it experienced a correction to $69K
• Now reached out to $74.2K

The long-awaited U.S. presidential election has already begun, and it immediately affected the price of Bitcoin. This very morning Bitcoin rose by 3.7% to $70K, then immediately corrected to $69K, and a few hours later, it was up 8.9% to $74.2K.

Details of Bitcoin’s Rise During the U.S. Election

This very morning, with the start of the election, Bitcoin showed a sharp rise to almost $70.3K within a couple of hours. Because it was so sudden, it naturally experienced a correction to $69.5K.

A trader Exitpump commented that it was “Sudden spot buying in unison.”

Also, it’s impossible not to compare this to the data against the backdrop of the previous election, as trader Mustache did and commented:

“Imagine BTC bottomed out just before the U.S. election. The majority assumed it would happen afterward. That would be the perfect front run tbh. In 2020, the whole scenario looked very similar.”

“The price of Bitcoin was up 37% in 2016 from the election day to the end of the year. The performance in the same period was +98% in 2020 and +22% in 2012. It is worth noting that the price of Bitcoin in 2024 has performed very similar to 2016.”

And he may very well be right in showing us a likely upward trend, as in just a couple hours, we saw a record 8.9% rise to $74.5K with an immediate correction to $73.7K and leveling off at $74.2K.

Probably, this 8.9% is not the last jump during the presidential election, as it was rightly pointed out that each U.S. election brought Bitcoin a rise of several tens of percent.

Conclusion

We are probably in for one of the busiest and most dynamic periods for Bitcoin, and there are no guarantees as to how its price will be affected by the overload of upcoming events and factors that the U.S. election promises.

However, now we can see a positive trend, and the historical data provides additional optimistic factors. We will watch closely the events and dynamics – stay tuned.