Trump's Win Boosts Crypto Market! Bitcoin Hits New High, Over 210,000 Liquidated

Trump's Win Boosts Crypto Market! Bitcoin Hits New High, Over 210,000 LiquidatedThe cryptocurrency market is experiencing another frenzy! Bitcoin surged to a new all-time high, breaking $81,000 per coin. Dogecoin also reached a new high for 2022, up over 29%

Trump's Win Boosts Crypto Market! Bitcoin Hits New High, Over 210,000 Liquidated

The cryptocurrency market is experiencing another frenzy! Bitcoin surged to a new all-time high, breaking $81,000 per coin. Dogecoin also reached a new high for 2022, up over 29%. However, the continued surge in crypto has led to significant losses for some investors who participated in short-selling. Latest data shows that over 210,000 people have been liquidated in the past 24 hours, with a total liquidation amount of $683 million.

Bitcoin Soars to a New All-Time High

As of press time, Bitcoin is up by 5.8%, surpassing $81,000 per coin, reaching a new all-time high. Previously, Bitcoin broke through the $80,000 mark yesterday, showcasing strong upward momentum. Besides Bitcoin, other cryptocurrencies are also on the rise. Dogecoin (DOGE) reached a high of $0.30436 per coin, marking a new peak for 2022, before retracting slightly. As of press time, it is trading at $0.29578 per coin, up by 29.52%. Ethereum (ETH) has risen by 1.53%, reaching $3188.39 per coin. SUI has surged by 15.41%, hitting $3.277 per coin. SOL is up by 3.65%, reaching $209.25 per coin. BNB is currently trading at $638.57 per coin, up by 1.57%.

Trump's Victory Acts as a "Catalyst" for the Crypto Market

The market widely believes that Trump's election victory is one of the main factors driving the surge in cryptocurrencies. During his campaign, Trump expressed his fondness for Bitcoin and cryptocurrencies, recognizing their innovative spirit and autonomy as aligned with core American values. He pledged to support the development of cryptocurrencies through policies, aiming to make the U.S. a global leader in Bitcoin and blockchain technology.

Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, believes that Bitcoin's price will reach $125,000 by the end of this year and $200,000 by the end of 2025 post-Trump's victory. He states that Trump's past commitments to cryptocurrency, such as firing Gary Gensler, the chair of the Securities and Exchange Commission, establishing a national strategic Bitcoin reserve, and transforming the U.S. into a "Bitcoin superpower," will propel Bitcoin upwards.

Fadi Aboualfa, Head of Research at crypto custody firm Copper.co, predicts that Bitcoin could hit $100,000 by January 20, 2025, when Trump is inaugurated as President.

Huayuan Securities: The Main Bullish Wave in Crypto Is Here

Huayuan Securities' latest research report suggests that the main bullish wave in the crypto market has arrived. With Trump's victory, the Federal Reserve delivered a 25BP interest rate cut as expected, the situation in the Middle East has yet to escalate, and the window for trading volatility is temporarily closed. The US stock market is experiencing a full-fledged "riskon," suggesting that investors should focus on crypto assets with high elasticity.

Liquidation Wave Hits, Over 210,000 Suffer Heavy Losses

The continuous rise in cryptocurrencies has also resulted in significant losses for some investors who participated in short-selling. Coinglass's latest data shows that over 210,000 people have been liquidated in the past 24 hours, with a total liquidation amount of $683 million. The largest single liquidation order occurred on OKX-BTC, valued at $15.56 million.

Future Direction of the Crypto Market

While Trump's victory has injected new vitality into the crypto market, there are still numerous uncertainties surrounding the future direction of the market. Regulatory policies, technological advancements, and market sentiment will all influence the price trends of cryptocurrencies. Investors should maintain a rational and cautious approach, avoid blind investment, and implement effective risk management strategies.

Disclaimer:

This article is for informational purposes only and does not constitute investment advice. Investing involves risks, and you should exercise caution before entering the market.