US Election Countdown: What to Expect on Election Night?

On November 5, 2024, Americans will vote for the next president. After voting ends, it may take hours, days, or even weeks to find out who won, depending on how close the race is. This means everyone will need to be patient.

There are 538 electoral votes in the U.S. presidential election. A candidate needs at least 270 electoral votes to win. If the two main candidates, Kamala Harris and Donald Trump, win most of the states they are expected to, Harris would need 44 more votes, while Trump would need 51 more votes.

However, the outcome of this election is expected to hinge on the results from seven swing states: Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin. There are 93 electoral votes from swing states, and candidates must win at least three to secure victory.

Pennsylvania, Michigan, and Wisconsin used to be the heart of American manufacturing. Many voters in these states have traditionally been union members and have often voted for the Democratic Party.In fact,Democrats have won all three states in seven of the last eight presidential elections. However, in 2016, these voters switched to support Donald Trump, showing a preference shift.

Here's how the electoral votes break down in these states: Wisconsin has10electoral votes, Michigan has 15, and Pennsylvania has 19. If Harris wins all three of these states, she has a strong chance of winning the election. On the other hand, if Trump wins them again, he would still need to win at least one more state to become president.

There are also four important swing states in the South: Arizona, Georgia, Nevada, and North Carolina. If Harris wins all four of these states, she will become president. However, it's worth noting that no Democrat has won all four since 1948. If Trump wins all these Southern states, hewould still needto win one more state to secure his victory.

The current market sentiment suggests that if Trump wins, he will support traditional energy and infrastructure projects. For instance, regarding energy independence, Trump focuses on fossil fuel development, while Harris is expected to continue Biden's support for clean energy. Also, Trump's promises to crack down on crime and illegal immigration suggest more incarcerations, which could boost profits for private prisons.

On the other hand, if Harris becomes president, she would support tax cuts for low—and middle-income groups and higher taxes for the wealthy, which could boost consumer spending. She also wants to increase U.S. exports, which would help large multinational companies. Her support for clean energy would benefit electric vehicle stocks.

Notice that no matter who wins - Trump or Harris - both are likely tohave a positive impact oncrypto and gold.

Harris has pledged to support regulations for digital currencies, and options traders are betting that Bitcoin could reach a record high of $80,000 by the end of November, regardless of the election outcome.