Bitcoin has seen a significant surge in price, crossing back above $70,000 on Election Day in the United States. This represents a 2.4% increase over the past 24 hours. The broader CoinDesk 20 Index also experienced a 1.6% increase during the same time frame. However, Ethereum’s ether (ETH) has been underperforming compared to bitcoin, with the ETH/BTC ratio falling to its lowest level since April 2021.
In addition to the rise in bitcoin price, crypto-linked stocks have also been on the move. Companies like Semler Scientific, which recently reported its third-quarter results and disclosed additional bitcoin purchases, saw a 26% increase in its stock price. Other companies, such as MicroStrategy (MSTR), Marathon Digital (MARA), Riot Platforms (RIOT), Hut 8 (HUT), and Coinbase (COIN), also saw gains ranging from 3% to 7.5%.
Traditional markets have also shown positive movement, with the Nasdaq and S&P 500 both advancing. Gold and oil prices were moderately in the green, while the 10-year U.S. treasury yield increased by seven basis points to 4.36%.
As the U.S. presidential election continues, polls indicate a tight race not only for the presidency but also for control of the House of Representatives and the Senate. Betting markets are currently favoring a Donald Trump victory, with higher odds for a Republican sweep compared to a Democrat sweep.
It is important to note that CoinDesk, the source of this information, is a reputable media outlet that covers the cryptocurrency industry. The journalists at CoinDesk adhere to strict editorial policies to ensure integrity, editorial independence, and freedom from bias in their publications. CoinDesk is part of the Bullish group, which invests in digital asset businesses, and employees, including journalists, may receive equity-based compensation from the Bullish group.
