Bitcoin Surpasses $70K Amid Crypto and US Stock Surge on Election Day Morning

Risk assets are on the rise as Americans head to the polls to elect their next president and determine which political party will control both chambers of Congress.

Bitcoin (BTC) has once again exceeded $70,000 + at the start of the trading day in the U.S., up 2.4% over the past 24 hours. The broader CoinDesk 20 index increased by 1.6% during the same period, while Ethereum (ETH) notably continued to lag behind Bitcoin. The ETH/BTC ratio has dropped to its lowest level since April 2021, standing at 0.03526.

Crypto-related stocks were also on the move. Semler Scientific, which reported its third-quarter results on Monday evening, surged by 26%. The company revealed additional Bitcoin purchases and reaffirmed its commitment to a Bitcoin treasury strategy similar to that of Michael Saylor's MicroStrategy (MSTR). For its part, MSTR rose by 7.5% in early trading.

Recently struggling Bitcoin miners like Marathon Digital (MARA), Riot Platforms (RIOT), and Hut 8 (HUT) saw gains ranging from 3% to 5%. Cryptocurrency exchange Coinbase (COIN) increased by 3%, although it remains down by about 10% over the last few sessions following a disappointing third-quarter earnings report.

In traditional markets, the Nasdaq climbed over 1%, and the S&P 500 rose by 0.8%. Gold and oil saw modest increases, while the yield on 10-year U.S. Treasury bonds rose by seven basis points to 4.36%.

Polls continue to show a tight race, not only for the U.S. presidency but also for control of the House of Representatives and the Senate. However, the betting market Polymarket—after a volatile few days—now shows significantly higher odds of a Donald Trump victory, currently at 62% against Kamala Harris's 38%. The odds for a Republican victory across the presidency, House, and Senate stand at 39%, while the odds for a Democratic victory are at 16%.