Bitcoin ($BTC ) has soared to a new all-time high of $75,999, driven by optimistic expectations surrounding the re-election of Donald Trump as US President.
The cryptocurrency had already broken its previous record earlier in the day following confirmation of Trump’s win, but this latest surge late in the day has pushed the all-time high (ATH) even higher. At the time of writing, Bitcoin is trading at $75,977, remaining remarkably close to its peak valuation.
The price surge, representing a roughly 10% increase over the past 24 hours, is largely attributed to the anticipation that Trump will implement more cryptocurrency-friendly policies and dismiss current SEC Chairman Gary Gensler.
This dramatic upward movement has triggered a substantial wave of liquidations across the broader cryptocurrency market. Over the last 24 hours, a staggering $572 million in liquidations has been observed, with $392 million stemming from short positions and $179 million from long positions. Bitcoin, Dogecoin ($DOGE ), and Ethereum ($ETH ) led the liquidations, respectively.
