Republican presidential candidate Trump announced his victory in the 2024 presidential election in the early hours of the 6th local time.
According to calculations from several U.S. media outlets, Republican presidential candidate Trump has already secured at least 270 electoral votes.
Meanwhile, BTC broke through $75,000 this afternoon at 2 p.m., currently reported at $75,000.00 per coin, with a daily increase of 7.71%, reaching a historic high, breaking the record of approximately $73,000 set in March.
Trump's victory is undoubtedly a significant positive for cryptocurrencies. Trump has repeatedly expressed strong support for cryptocurrencies, while Harris's victory may mean stricter regulation for the crypto industry.
During the presidential campaign, in order to gain more support, Trump frequently showed goodwill towards the crypto industry. At the Bitcoin conference on July 27, Trump stated that if he is elected again, he will fully support the development of cryptocurrencies and strive to make the United States a 'Bitcoin superpower.'
Market analysis:
BTC:
Bitcoin closed with a small bullish candlestick yesterday, with prices strongly standing above the 5-day moving average, indicating that buying power is accumulating. The U.S. election has triggered significant market volatility, and Trump's victory further pushed up Bitcoin's price. This event-driven positive influence indicates that the market confidence in Bitcoin is quite sufficient. The RSI and CCI indicators show that the market is still in a relatively strong area, maintaining an upward trend.
In summary, in the short term, due to the market psychological factor of 'the positive effect of Trump's victory being priced in and turning negative,' there may be a slight pullback. After the adjustment, Bitcoin still has upward space, and the next step is expected to challenge the high point above $75,000.
ETH:
Ethereum closed with a spinning top yesterday, and today it has a bullish candlestick that breaks through multiple moving averages. In the short term, it is adjusting slightly in conjunction with Bitcoin, and after the adjustment, it is expected to resume its upward trend. Resistance reference: around 2868; around 3102.
The current contract open interest of BTC has returned to its peak of $43.997 billion, with most of the growth caused by the U.S. election, as open interest surged from $39.997 billion from 8 a.m. to 4 p.m., with most of it being long positions.
A high-leverage, high-liquidity market, after Trump is confirmed elected, means that good news may turn into bad news. Personally, I definitely want to wash out the users who chased high at 74000, as below 74000 are all long positions. The liquidation price for short positions has already been pulled to the 76000 level.
Therefore, I believe that a pullback in the current market before rising would be considered a normal market condition.
Although Trump won the election, the market did not accelerate upward as expected, likely because expectations have been largely exhausted, after all, it has been a continuous press-up.
The current market is entering an adjustment phase, so just focus on the adjustment status. If it falls back into the range (and simultaneously falls below the previous high point), it may further adjust downward.
If there is no excessive emotional release regarding long-term growth, I think it would be a good thing.
At this time, attention should be given to some altcoins that haven't caught up, especially since the leaders of the ETH series haven't risen yet, while the smaller ones are still suppressed. Can the long-awaited ETH have a catch-up situation? If not, directly giving up ETH positions would be too costly in holding time.
Focus on the interest rate meeting on Thursday:
The Federal Reserve cut interest rates by 50 basis points in September, significantly exceeding expectations, and Bitcoin also responded with a rally at that time. Now, the expectation for November is a 25 basis point rate cut, which is generally understood by the market as a positive factor, after all, the starting point of the last bull market was from the interest rate cut in March 2020.
What impact will the election results have on the crypto market?
The outcome of the U.S. election not only concerns the transfer of political power but will also have profound impacts on the global economy and financial markets. For the crypto market, the election results will determine the market's trends and patterns for the foreseeable future.
Trump's rise to power means that the crypto market will see more policy support and regulatory attention. On one hand, the Trump administration may formulate policies favorable to the development of cryptocurrencies, promoting financial innovation and economic growth; on the other hand, increased regulation will bring a more standardized and transparent market environment to the crypto market.
Viewpoint on the crypto market
Looking at the current market views, most research institutions and related organizations hold an optimistic attitude towards the development of the crypto market after Trump's rise to power. They believe that the Trump administration will formulate policies favorable to the development of cryptocurrencies, further expanding the market. At the same time, with strengthened regulation and improved market conditions, the crypto market will become more standardized and transparent.
However, there are also a minority of views that believe Trump's rise to power may have adverse effects on the crypto market. They are concerned that Trump's trade and foreign policies may trigger market turbulence and uncertainty, leading to increased volatility in cryptocurrency prices. Additionally, some investors worry that Trump's regulatory policies toward cryptocurrencies may be too strict or too lenient, which could be detrimental to the healthy development of the market.
However, Trump's rise to power may also bring some uncertainties. For instance, the regulatory policies of the Trump administration toward cryptocurrencies may differ from those of other countries, leading to challenges in cross-border trading and cooperation. Additionally, Trump's trade and foreign policies may also indirectly impact the crypto market.
Summary:
Trump's election as President of the United States undoubtedly brings new variables to the crypto market. On one hand, the Trump administration's support for cryptocurrencies will bring more opportunities and challenges to the market; on the other hand, strengthened regulation and improved market environment will also bring a more standardized and transparent market environment. However, investors still need to maintain a cautious attitude when participating in crypto market trading and do a good job in risk control. After all, the volatility of the crypto market is enormous and influenced by various factors. Only by grasping the pulse and trend of the market can one remain invincible in fierce market competition.
