US Elections: Bitcoin crosses $75,000 as Trump claims victory, Indian crypto exchanges see surge in trading volumes
2024-11-06

Bitcoin rally continued on the wave of ‘Trump Trades’ as the US election results turned out in favour of crypto-optimist Donald Trump. The token has crossed $75,000 for the first time, and top Indian crypto exchanges have started reporting surge in hourly trading volumes.
Crypto investment platforms, including CoinSwitch and CoinDCX, have reported sudden surge in trading volumes on November 6 as compared to their weekly trading averages of last week.
These trades are mainly driven by the speculations around a possible win for presidential candidate Trump, who has been endorsing digital assets during his campaign run and even promised to make US the “crypto capital of the planet”. This has led to a significant surge inflows coming into exchange-traded funds (ETFs).
Balaji Srihari, Business Head, CoinSwitch said, “At CoinSwitch, we’ve observed a 15x spike in hourly trading volume compared to last week’s average, showcasing an intense wave of interest among our users this morning. Not just BTC, other popular tokens like DOGE, SOL, and SHIB have also experienced significant volume spikes.”
“As the results will come in today, we expect high market volatility. Early indications suggest a potential Trump victory, and as a vocal advocate for crypto…However, looking at the industry’s growing influence and adoption; regardless of who wins- crypto’s momentum is undeniable,” Srihari added.
Trump’s opponent candidate Kamala Harris kept a relatively low profile on her stance on crypto. Though she had met the crypto industry executives, she didn’t come up with any policies for her campaign run addressing the sector.
The Biden-Harris administration has largely been viewed as an anti-crypto government, where Harris is the vice president. During his tenure, president Joe Biden had worked towards coming up with guardrails and regulatory framework for the crypto sector, which had been applauded by industry players in India.
Sumit Gupta, Co-founder, CoinDCX shared that the crypto exchange has seen a significant uptick in trading activity amid Bitcoin reaching a new all-time high and the ongoing U.S. election results.
“This morning, as BTC crossed it all-time high, we also recorded the highest hourly volume for the quarter. On the spot market, we noticed $11.82 million in total trading volume marking the highest of this quarter, with BTC alone hitting its highest volume of the quarter at $1.83 million. Notably, all of this happened within just 14 hours, and we anticipate even higher volumes as the U.S. market opens this evening, aligning with past trends,” Gupta told Moneycontrol.“The positive sentiment surrounding Trump's potential return has boosted Bitcoin and positively impacted the broader cryptocurrency market, with other digital assets like Ether and Dogecoin experiencing notable gains. Continued political developments and regulatory discussions will likely influence market dynamics as investor enthusiasm remains high,” said Shivam Thakral, CEO of BuyUcoin.