Bitcoin Breaks Above $70K as Crypto and U.S. Stocks Move Higher Early on Election Day
2024-11-05

Risk assets are on the rise as Americans head to the polls to elect their next president as well as to determine which political party will control the two houses of Congress.
Bitcoin {{BTC}} crossed back above $70,000 early in the U.S. trading day, up 2.4% over the past 24 hours. The broader CoinDesk 20 Index was higher by 1.6% over the same time frame, with Ethereum's ether {{ETH}} notably continuing to underperform bitcoin. At 0.03526, the ETH/BTC ratio fell to its weakest level since April 2021.
Crypto-linked stocks were on the move as well. Semler Scientific — which reported its third quarter results Monday night — was higher by 26% as that company disclosed additional bitcoin purchases and reiterated its commitment to a bitcoin stockpiling strategy similar to that of Michael Saylor's MicroStrategy MMSTR. For its part, MSTR was higher by 7.5% in early trading.
Recently roughed-up bitcoin miners like Marathon Digital (MARA), Riot Platforms (RIOT) and Hut 8 (HUT) were sporting gains in the 3%-5% range. Crypto exchange Coinbase CCOIN was higher by 3%, though remains lower by about 10% over the past few sessions following a disappointing third quarter earnings report.
In traditional markets, the Nasdaq was higher by more than 1% and the S&P 500 advanced 0.8%. Gold and oil were moderately in the green and the 10-year U.S. treasury yield was up seven basis points to 4.36%.
Polls continue to show a tight race for not just the U.S. presidency but also the fight for which party might control the House of Representatives and the Senate. Betting market Polymarket though — after a very volatile past few days — is again showing sizably higher odds for a Donald Trump victory, currently 62% versus a Kamala Harris win at 38%. The odds for a Republican sweep — the presidency, the House and the Senate — are at 39%, while the odds of a Democrat sweep are at 16%.