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Bitcoin Breaks Above $70K as Crypto and U.S. Stocks Move Higher Early on Election Day
Semler Scientific's 26% gain following quarterly results was leading the advance for crypto-linked stocks.
Updated Nov 5, 2024, 4:22 p.m. Published Nov 5, 2024, 3:22 p.m.
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 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 notably continuing to underperform bitcoin. At 0.03526, the ETH/BTC ratio fell to its weakest level since April 2021.
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Read More: Here's Why Today's U.S. Election Matters for Crypto
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 (MSTR). 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 (COIN) 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%.
Read more: Dogecoin Rallies 10%, Bitcoin ETFs Bleed $541M Ahead of U.S. Elections
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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