Donald Trump’s lead in the US presidential election has pushed the price of Bitcoin (BTC) to an all-time high of $75,118.
Republican presidential candidate Donald Trump is leading the election race, leaving Democratic candidate Kamala Harris behind. According to data provided by the BBC, Trump currently has 246 delegates, while Harris has 187. The candidate who wins 270 delegates will win the election. Trump promises to accept Bitcoin as the US strategic reserve currency if he wins the election. This promise has led to a significant upward movement in the crypto market, with Bitcoin breaking a new record and rising to $75,118.
Donald Trump’s Victory Brings New Rise to Bitcoin
Donald Trump is showing a strong performance in the critical states that will determine the fate of the US presidential election. He reached 50 percent of the vote in Arizona, while Kamala Harris remained at 49.2 percent. In another critical state, Pennsylvania, Trump is ahead with 51.2 percent.
Trump, who will take the presidency by winning 270 of the 538 delegates that will make up the Electoral College, is already drawing attention with his superiority in these critical states. According to Euronews, Trump holds the lead in all of the swing states that will determine the fate of the election. These states are: Pennsylvania, Georgia, Arizona, Nevada, Michigan, North Carolina and Wisconsin.
Bitcoin reached a new all-time high of $75,118 eight months after breaking its all-time high on March 14. This record caused huge losses for traders who opened short positions.
Liquidations and the Rise of Bitcoin
According to Coinglass data, $488 million worth of liquidations were made in the last 24 hours. $361 million of these liquidations were caused by liquidations in short positions. Another factor that triggered this rise in Bitcoin was the predictions on the Polymarket platform. The probability of Trump winning the election on Polymarket increased to 96 percent. In addition, Trump’s promise to fire SEC Chairman Gary Gensler if he wins further increased market sentiment.
The crypto world is celebrating Gensler’s ouster amid expectations that Bitcoin will be legalized in the US. Some crypto analysts are predicting that a Trump victory could send Bitcoin’s price to $100,000. “The spot market is rising rapidly and short positions are being liquidated. Traders believe the crypto market is back to its glory days. Our order books are currently almost entirely full of buys,” Pav Hundal, chief analyst at Swftyx, told Cointelegraph.