The price of Bitcoin rallied overnight, reaching an all-time high of $75,392.26 as Republican presidential candidate Donald Trump secured key victories in swing states in the US election.

Elizabeth Warren, a Massachusetts Democrat and one of the Senate’s most vocal critics of the cryptocurrency industry, has secured another term in a victory over crypto-friendly Republican challenger John Deaton.

Bitcoin’s mining difficulty rose 6.2% to surpass 100 trillion for the first time at block height 868,896, with the difficulty adjustment leading to an unprecedented 101.7 trillion.

Top stories in the Crypto Roundup today:

• Bitcoin Soars to Record High as Trump Nears Election Win
• Elizabeth Warren Secures Third Senate Term After Defeating Pro-Crypto Lawyer John Deaton
• Bitcoin Mining Difficulty Surpasses 100 Trillion for the First Time
• Stablecoin Trading Rebounded in October

Bitcoin Soars to Record High as Trump Nears Election Win

The price of Bitcoin rallied overnight, reaching an all-time high of $75,392.26 as Republican presidential candidate Donald Trump secured key victories in swing states in the US election.

The cryptocurrency surged to surpass its previous record of $73,802.64 set in March. After trading relatively flat below $70,000 for most of the year, Bitcoin’s price accelerated as the former president's lead in the Electoral College solidified, but it has since endured a slight correction to now stand at $73,900.

Coinbase, a major cryptocurrency exchange, saw its stock price rise 15% in after-hours trading on Robinhood, with projections showing that Republicans are also set to regain majority control of the U.S. Senate.

A Trump victory was widely expected to help boost Bitcoin’s price, as the former U.S. President has expressed strong support for the cryptocurrency sector, meaning the regulatory outlook could improve through the reduction of regulatory ambiguity and the appointment of more crypto-friendly officials to key positions, for example.

Bitcoin’s price, however, has been known to rally after U.S. presidential elections, having seen 90-day returns of 87%, 44%, and 145% after the elections in 2012, 2016, and 2020, respectively.

These elections fall on the same year Bitcoin undergoes its halving event, which sees the coinbase reward miners receive per block found get cut in half as part of its monetary policy.

Elizabeth Warren Secures Third Senate Term After Defeating Pro-Crypto Lawyer John Deaton

Elizabeth Warren, a Massachusetts Democrat and one of the Senate’s most vocal critics of the cryptocurrency industry, has secured another term in a victory over crypto-friendly Republican challenger John Deaton.

With over 74% of the 145,000 votes counted, the Associated Press declared Warren the victor, cementing her third term in the U.S. Senate. Deaton, an attorney known for representing the XRP token holders in Ripple’s legal standoff with the U.S. Securities and Exchange Commission (SEC), entered the race as an underdog.

Despite strong financial backing from cryptocurrency industry titans, including $2 million in funding from Gemini co-founders Tyler and Cameron Winklevoss, Deaton struggled to secure votes.

Warren’s victory, called with less than 1% of votes counted, marks the beginning of her third term in the Senate.

During her terms, she has advocated for greater regulatory oversight of the industry, and last year introduced the Digital Asset Anti-Money Laundering Act that, if passed, would require financial institutions and exchanges to keep records and report suspicious activity.

Bitcoin Mining Difficulty Surpasses 100 Trillion for the First Time

Bitcoin’s mining difficulty rose 6.2% to surpass 100 trillion for the first time at block height 868,896, with the difficulty adjustment leading to an unprecedented 101.7 trillion.

The figure, according to blockchain explorer Mempool, eclipses the previous peak of 95.7 trillion established just two weeks prior. Bitcoin’s mining difficulty is adjusted every 2016 blocks – which are mined in around two weeks – to ensure that blocks are found in 10 minutes intervals, regardless of the network’s hashrate.

In the lead-up to the recent difficulty adjustment, Bitcoin blocks were being mined at a rate of one every nine minutes and 27 seconds. Blocks were being found at a faster-than-expected rate as Bitcoin’s hash rate – the total computational power on the network – reached an all-time high of 755.5 EH/s.

Stablecoin Trading Rebounded in October

Last month, the trading volume for stablecoin pairs on centralized exchanges dropped 1.49% to $899 billion as of the 27th, but despite the decline trading volumes were trending upward ahead of the US presidential election.

USDT has remained the dominant stablecoin in terms of trading activity, capturing 79.1% of the market share among leading stablecoins. It was followed by FDUSD, which accounted for 10.8% of the market, and by USDC, with a 10% market share.

Dig deeper into the stablecoin sector through CCData’s latest Stablecoins & CBDCs report.

State of the Crypto by Top Tier Exchange Volume

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