Since Trump won the U.S. presidential election, cryptocurrencies have entered a surge mode. On November 10, Bitcoin continued to rise, with a daily increase of over 4%, briefly breaking through the $80,000 mark, reaching $80,200 per coin, setting a new historical record. This is also the first time in history that Bitcoin has crossed the $80,000 mark. However, amid the volatile market, many have faced liquidation. According to Coinglass data, over 141,600 people were liquidated in the cryptocurrency market within 24 hours, with a liquidation amount reaching $430 million, of which $315 million were from short positions and $115 million from long positions. On November 11, Bitcoin continued to rise, reaching above $81,000 during trading. According to Coindesk data, the price of Bitcoin is currently up 4.81% to $80,358.72, having reached a high of $81,454.61 in the past 24 hours.
The price of Bitcoin has more than doubled from the year-to-date low of $38,505 reached on January 23. Since Election Day, the price of Bitcoin has risen nearly 20%. Optimism has also boosted small tokens, which have experienced more volatile price movements. The price of Ripple rose by as much as 11% on Sunday. Dogecoin and Shiba Inu surged by 17% and 31%, respectively. Dogecoin is one of the favorite tokens of Trump supporter Elon Musk. In recent days, the U.S. election ended with Trump's victory, which supports the development of cryptocurrencies. Meanwhile, in the early hours of November 8, Beijing time, the Federal Reserve lowered the target range for the federal funds rate by 25 basis points to 4.5% - 4.75% as expected. Multiple factors combined have led to a significant rise in cryptocurrencies. Trump has been showing goodwill towards the cryptocurrency industry this year, promising multiple measures to support cryptocurrencies during his campaign, such as incorporating Bitcoin into national reserves, making the U.S. the world's cryptocurrency capital, and appointing regulators interested in digital assets. Analysts point out that this combination of political and economic shifts has sparked a new wave of interest in Bitcoin among investors, pushing the price into unknown territory. Guoyuan Securities stated that Trump's economic policy is favorable for cryptocurrencies. On one hand, Trump has a clear supportive attitude towards cryptocurrencies; on the other hand, against the backdrop of increasing global fragmentation, the monetary attributes of cryptocurrencies are enhanced, similar to gold. Recently, Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, stated in a briefing that after Trump's victory, the price of Bitcoin will reach $125,000 by the end of this year and $200,000 by the end of 2025. Kendrick believes that Trump's previous commitments to cryptocurrencies, such as firing SEC Chairman Gary Gensler, establishing a national strategic Bitcoin reserve, and reshaping the U.S. into a 'Bitcoin superpower', will drive Bitcoin's rise.
