After Trump's victory: Whales withdraw significant amounts of Bitcoin from Binance
The cryptocurrency market witnessed a wave of activity following Donald Trump’s victory in the US presidential elections, which led to Bitcoin whales withdrawing approximately $132 million from the Binance platform.
This can be explained by the fact that investors have gained greater confidence in the cryptocurrency market with Trump’s return to the White House.
Bitcoin price rise:
After Trump was declared the winner and surpassed 270 electoral votes, Bitcoin saw a record rise to $75,000, driven by a wave of buying by major investors.
According to Lookonchain, 11 new whale wallets were created that withdrew around 1,807 BTC from Binance in just one hour, reflecting the growing confidence in the market and keeping Bitcoins out of circulation.
The rise in the price of Bitcoin came after Trump, who is known for his support for cryptocurrencies, previously expressed his commitment to strengthening the position of digital assets in the US economy, and pledged not to sell the government’s stockpile of Bitcoin confiscated from financial criminals.
He also announced his intention to make regulatory changes, including removing SEC Chairman Gary Gensler, and pushing the United States to become a global hub for Bitcoin mining.
The decentralized prediction platform PolyMarket attracted huge bets from cryptocurrency gamblers who predicted a Trump victory.
Among the top winners is user “Theo4” who is expected to make $20.4 million, followed by “Fredi9999” and “zxgngl” with expected earnings of $15.6 million and $11 million respectively.
