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    Bitcoin Surpasses $70,000 as U.S. Presidential Elections Unfold, Mixed Results in Crypto and Stock Markets

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    Bitcoin’s value crossed $70,000 again as Americans cast their votes for a new president. Despite the wider crypto market doing well, Ethereum’s value did less favorably. Cryptocurrency-related stocks also experienced fluctuation; the likes of Semler Scientific and MicroStrategy saw an increase, Bitcoin miners stabilized after a dip, whereas Coinbase fell due to a disappointing third quarter earnings report. Traditional markets also increased, and pre-election bets favor a Trump victory.

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    As Americans cast their votes to decide on a new president and the party control in Congress, risk assets are seeing an increase. Bitcoin managed to cross the $70,000 mark again early in the US trading day, up 2.4% in the last 24 hours. The wider CoinDesk 20 Index was up by 1.6% within the same time, but Ethereum’s ETH wasn’t doing so great in comparison to bitcoin. Its ETH/BTC ratio fell to 0.03526, the lowest it’s been since April 2021.

    Cryptocurrency-related stocks also saw some action. Semler Scientific shared its third quarter results and announced additional bitcoin buys, leading to a 26% increase in its stock. The company plans to follow a similar bitcoin stockpiling strategy to MicroStrategy. On the other hand, MicroStrategy saw a 7.5% increase in early trading.

    Bitcoin miners like Marathon Digital, Riot Platforms, and Hut 8 that had previously taken a dip were now enjoying gains in the 3%-5% range. Crypto exchange Coinbase rose by 3% but is down 10% from a few sessions ago due to a disappointing third quarter earnings report.

    Traditional marketplaces were also seeing some positive movement. The Nasdaq went up by over 1%, the S&P 500 improved by 0.8% and the price of gold and oil were slightly up. The 10-year US treasury yield rose by seven basis points to 4.36%.

    The race for the US presidency and control of the House of Representatives and Senate remains tight. Betting market Polymarket has once again predicted a higher chance for a Donald Trump victory at 62%, versus Kamala Harris at 38%. They predict a 39% chance of a Republican sweep and a 16% chance of a Democratic sweep.

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