Trump's Victory Sparks Crypto Market Frenzy: Bitcoin Surges Past $75,000, Liquidations Spike

Trump's Victory Sparks Crypto Market Frenzy: Bitcoin Surges Past $75,000, Liquidations SpikeEarly morning on November 6th, US Eastern Time, Republican presidential candidate Donald Trump declared victory in the 2024 US presidential election, sending shockwaves through the cryptocurrency market. Investors, betting on a Trump win, flocked to cryptocurrencies, driving prices across the board and creating a feverish trading environment

Trump's Victory Sparks Crypto Market Frenzy: Bitcoin Surges Past $75,000, Liquidations Spike

Early morning on November 6th, US Eastern Time, Republican presidential candidate Donald Trump declared victory in the 2024 US presidential election, sending shockwaves through the cryptocurrency market. Investors, betting on a Trump win, flocked to cryptocurrencies, driving prices across the board and creating a feverish trading environment. Liquidations also reached unprecedented levels.

On election day, Bitcoin broke through the $75,000 mark, setting a new all-time high. As of 9:30 PM Beijing time on November 6th, cryptocurrency data website Coinglass showed Bitcoin trading at $73,800, a 7.5% increase over the past day, with a market capitalization of $1.46 trillion. Trading volume surged by 174%, exceeding $170 billion in the past 24 hours. Major cryptocurrencies like Ethereum, SOL, and Binance Coin also saw significant gains, with high trading activity.

Additionally, Dogecoin (DOGE) reached $0.2 per coin, up 17% in the past day, with $23.4 billion in trading volume, a 228% increase. Elon Musk, a long-time supporter of Dogecoin, stated that he would establish a Department of Government Efficiency (D.O.G.E.) if Trump won the election. Notably, Musk fully supported Trump's presidential campaign, starting as early as July 2024, and donated at least $118 million to the "American Political Action Committee," which played a key role in Trump's campaign efforts in swing states.

Meanwhile, numerous "Trump-related" altcoins emerged in the market. For example, on November 6th, a cryptocurrency named TRUMP was launched and achieved a trading volume of over $7 million.

However, behind the market frenzy lurks risk. Coinglass data reveals that 128,800 individuals were liquidated in the past 24 hours, amounting to a total of $579 million. Short positions made up a significant portion of these liquidations, reaching $388 million.

Cryptocurrency concept stocks saw gains in pre-market trading. Stocks like Canaan Inc., Coinbase Global, and Riot Platforms surged over 10% in pre-market trading.

Trump has previously expressed clear support for cryptocurrency development. In July, at the Bitcoin 2024 conference, Trump declared that if he were to return to the White House, he would designate Bitcoin as a strategic reserve asset for the US. He also pledged to crypto investors that upon assuming office, he would fire Gary Gensler, the current chair of the Securities and Exchange Commission.

It's worth noting that Trump's running mate and future US Vice President, James Vance, is a venture capitalist who favors crypto investments. According to information disclosed by the US government, Vance's investment portfolio includes Bitcoin, valued between $250,000 and $500,000. Vance has also criticized Gary Gensler's overly politicized regulation of cryptocurrencies.

Some cryptocurrency traders believe that the Republican victory in the presidential election is "significant because it increases the chances of cryptocurrency-related bills passing through Congress, at least in the eyes of market participants."