Bitcoin Soars to New All-Time High as US Election Results Roll In
Bitcoin Soars to New All-Time High as US Election Results Roll InOn November 6th, as results from the US election began to emerge, Bitcoin surged to a new all-time high. According to CoinDesk data, Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, briefly hit $75,363
Bitcoin Soars to New All-Time High as US Election Results Roll In
On November 6th, as results from the US election began to emerge, Bitcoin surged to a new all-time high. According to CoinDesk data, Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, briefly hit $75,363.66 during intraday trading, surpassing its previous all-time high of $73,798 set on March 14th. As of 2:30 PM, Bitcoin (BTC) was trading at $74,929, up over 9.29% in the past 24 hours; Ethereum (ETH) was trading at $2,612, up over 7.74% in the past 24 hours; and Dogecoin (DOGE) was trading at $0.21, up over 25.32% in the past 24 hours.
Coinglass data shows that over the past 24 hours, more than 108,000 traders liquidated positions, resulting in a total liquidation value of approximately $499 million. Of this, $129 million represented long positions and $369 million represented short positions. Notably, this Bitcoin price surge is closely tied to the outcome of the US election.
According to multiple media reports, back in August, Trump released a video on X, stating his intent to make the US "the cryptocurrency capital of the world." This statement sparked heated discussions about the future of cryptocurrencies, with many investors believing that Trump's policies would accelerate the development of the American cryptocurrency industry, thereby driving sustained growth in Bitcoin prices.
Furthermore, Xinhua News Agency reported that US media estimates suggest that Republican presidential candidate Trump has secured at least 270 electoral votes. This outcome suggests that Trump is likely to win the election. The market generally believes that Trump's victory will positively impact Bitcoin's price trajectory.
It's crucial to note that the information above is for reference only and does not constitute investment advice. Investors operate at their own risk.
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