According to Cointelegraph: Bitcoin (BTC) surged to a new all-time high above $75,000 as early results in the U.S. presidential election favored crypto-friendly Republican candidate Donald Trump. Data from Coinglass revealed a $94 million liquidation of short positions against Bitcoin, contributing to the 7.5% increase in BTC’s price over the last 24 hours.
Trump’s Lead Boosts Bitcoin Sentiment as Investors See Potential Regulatory Support
Trump’s growing odds of victory — reaching 85% on betting platforms like Polymarket — have spurred optimism among crypto investors. Traders view a Trump presidency as more favourable for the industry compared to Democrat Kamala Harris, whose stance on crypto has been less supportive. Historical trends also suggest Bitcoin often rallies during U.S. election cycles, adding to the bullish sentiment surrounding Trump's early lead.
DOGE Sees 20% Spike, Propelled by Musk's Endorsement and Market Optimism
Alongside Bitcoin, Dogecoin (DOGE) jumped nearly 20% since Tuesday, driven by endorsements from tech entrepreneur Elon Musk, who humorously proposed a Department of Government Efficiency (D.O.G.E.) as part of Trump’s campaign. DOGE futures recorded $30 million in short liquidations over the past day, highlighting robust interest and speculation for further gains. Other dog-themed tokens, including Shiba Inu (SHIB), Floki (FLOKI), and Bonk (BONK), have also posted double-digit gains, with sector tokens outperforming the CoinDesk 20 index.
Election Trends and Crypto Market Movements Aligned as BTC Rallies
Data from the Associated Press indicated early electoral victories for Trump in states like Kentucky, Florida, and West Virginia, placing him ahead on the electoral map with 198 votes compared to Harris’s 99. Market analysts believe this political landscape, combined with Bitcoin’s fair valuation and liquidation-driven rallies, sets the stage for further upward momentum in the crypto market.
Bullish Indicators Continue as BTC and Dogecoin Rally with Election Developments
The post-election climate is expected to keep Bitcoin and major tokens volatile, with traders anticipating further market shifts depending on the final outcome. Futures data shows strong demand and open interest for both (BTC) and DOGE, with investors positioning themselves for potentially more gains. Protective measures in Bitcoin options suggest that traders are bullish on near-term price growth but remain cautious of any unexpected election-related outcomes.
As the U.S. presidential race unfolds, the cryptocurrency market reflects heightened sentiment and interest, with Bitcoin and other tokens rallying in anticipation of favourable outcomes. The convergence of election-driven demand and technical indicators suggests that Bitcoin’s upward trajectory could persist, setting new records as 2024 draws to a close.
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