Share this article
First Mover Americas: BTC Hit All-Time High as Trump Closed In on Victory
The latest price moves in crypto markets in context for Nov. 6, 2024.
Nov 6, 2024, 1:02 p.m.
Make us preferred on Google
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
CoinDesk 20 Index: 2,190.41 +9.66%
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
S&P 500: 5,782.76 +1.23%
Gold: $2,704.50 -1.3%
Nikkei 225: 39,480.67 +2.61%
Top Stories
Bitcoin surpassed $75,000 during the early European morning as Donald Trump closed in on a return to the White House. The more pro-crypto candidate had claimed victories in swing states like North Carolina and Georgia, before Pennsylvania, viewed by many as the key to the election's outcome, moved in his favor as well. BTC was recently trading over $74,000, around 1.3% lower than its new all-time high of $75,363.66, according to Coindesk Indices data. The broader digital asset market, as measured by the CoinDesk 20 Index, is over 9% higher in the last 24 hours.
DOGE and SOL led gains among major tokens as the crypto market rallied while the election result was unfolding. Memecoin DOGE mushroomed over 25%, climbing to nearly $0.22. It remains nearly 20% higher in the last 24 hours, thanks in no small part to the support of Trump-endorsingElon Musk. The X owner and noted DOGE fan has proposed a Department of Government Efficiency — abbreviated as D.O.G.E; a clear nod to the token — as an agency that will make government spending and monetary planning more effective as part of the Republican campaign. SOL saw gains of nearly 20% to reach a high of $188.30 on the back of perceived hopes that a pro-crypto administration will make the approval of a Solana ETF more likely.
Crypto equities climbed by more than 10% in pre-market trading. MicroStrategy added 12%, approaching $255, just a few percentage points away from a record that would be almost 280% higher year-to-date. Coinbase is also 12% higher, approaching $220 a share. Bitcoin miners Riot, Marathon and IREN all gained more than 10%. Other notable mentions include Metaplanet which rose 24% and is now up over 1,100% year-to date. This comes after Semler Scientific saw a 30% increase in its share price yesterday, taking the shares to $39. André Dragosch, head of research in Europe at Bitwise, told CoinDesk that the initial stock-market reaction highlights the optimism that a more pro-crypto regime will provide the catalyst for a renewed bull run.
Chart of the Day
- The yield on the U.S. 10-year Treasury note has jumped 20 basis points to 4.47%, surpassing the year-long downtrend line.
- The uptick likely represents concerns that Trump's promised tariffs, immigration control could lead to stickier inflation.
- Source: TradingView
- Omkar Godbole
Trending Posts
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
Top Stories
