Trump's Victory Ignites Crypto Market! Bitcoin Surges to Record High of $79,000, Liquidations Exceed $397 Million
Trump's Victory Ignites Crypto Market! Bitcoin Surges to Record High of $79,000, Liquidations Exceed $397 MillionWitness history! On November 10th, Bitcoin broke through the $79,000 mark, setting a new all-time high. As of 1:25 PM Beijing time, Bitcoin is trading at $79,415
Trump's Victory Ignites Crypto Market! Bitcoin Surges to Record High of $79,000, Liquidations Exceed $397 Million
Witness history! On November 10th, Bitcoin broke through the $79,000 mark, setting a new all-time high. As of 1:25 PM Beijing time, Bitcoin is trading at $79,415.8 per coin, up 4% in the past 24 hours. Other cryptocurrencies have also seen a surge. According to CoinGlass, Ethereum has surged past $3,200, marking its highest point since August; SOL has risen 3.69% in the past 24 hours; and Dogecoin has gained 13.82% in the past 24 hours. Short-sellers of cryptocurrencies have suffered massive liquidations. CoinGlass data shows that more than 135,000 accounts have been liquidated in the past 24 hours, with a total liquidation amount of $397 million.
The recent surge in cryptocurrencies like Bitcoin is mainly attributed to Trump's victory in the US presidential election. During his campaign, Trump consistently expressed his support for cryptocurrencies, pledging to make the US the "global cryptocurrency capital" upon his return to the White House. Ding Zhaofei, Chief Analyst at HashKeyGroup, told the 21st Century Business Herald that Trump's secured victory is undoubtedly good news for the crypto industry. Trump has shown a positive attitude towards Bitcoin and other crypto assets in public during his campaign. Moreover, he has personally invested in the Web3 space issuing NFTs, launching a DeFi project under his family's name, and accepting Bitcoin as campaign donations. Ding Zhaofei predicts that Trump's victory declaration is now viewed as the "starting gun" for the cryptocurrency market, and the digital currency market is expected to continue digesting this positive news in the coming period.
A series of pro-crypto policies promised by Trump during his campaign, including incorporating Bitcoin into the national reserves and replacing current SEC Chairman Gary Gensler, are considered major bullish signals for the market. However, in the medium to long term, Bitcoin's rise and its liquidity are closely intertwined. Ding Zhaofei reminds that Trump's active fiscal policy might lead to a change in inflation data, thereby affecting the actual progress of the Fed's interest rate cut, which is something to be wary of besides market sentiment.
According to the Securities Times, officials from the Trump transition team are considering Dan Gallagher, an executive at the popular brokerage firm Robinhood, to be the next chairman of the US Securities and Exchange Commission (SEC). He is also admired by executives in the cryptocurrency industry.
Compiled from CoinGlass, the 21st Century Business Herald (Reporter: Lai Zhentao), and the Securities Times.
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