Trump's Victory Boosts Crypto Market, Bitcoin Hits New High

Trump's Victory Boosts Crypto Market, Bitcoin Hits New HighLatest data shows Bitcoin surged past $79,000, hitting a new all-time high and rising over 4% on the day. Coinglass data revealed over 130,000 liquidations in the past 24 hours

Trump's Victory Boosts Crypto Market, Bitcoin Hits New High

Latest data shows Bitcoin surged past $79,000, hitting a new all-time high and rising over 4% on the day. Coinglass data revealed over 130,000 liquidations in the past 24 hours. This surge is not accidental. Bitcoin has gained over 10% in the last five days, nearly 40% in the past two months, and almost 80% year-to-date. Dogecoin also experienced a significant surge, rising over 13%.

This strong surge in the cryptocurrency market is considered closely tied to the "Trump trade." Since the US election voting began, cryptocurrency market investors have been betting heavily on Trump's victory, leading to a significant surge across the cryptocurrency market and making it highly active.

Elon Musk, a long-time supporter of Dogecoin, publicly stated that if Trump wins the election, he will establish the Department of Government Efficiency (D.O.G.E.) and provide full support for Trump's presidential campaign. According to media reports, Musk began supporting Trump in July 2024 and contributed at least $118 million to the "American Political Action Committee," which played a crucial role in the Trump campaign team's efforts in swing states.

Trump himself has never concealed his support for cryptocurrency. In July, he announced at the Bitcoin 2024 conference that if he returns to the White House, he will make Bitcoin a strategic reserve asset for the United States. He also promised cryptocurrency investors that he would fire Gary Gensler, the current chairman of the Securities and Exchange Commission, on his first day in office.

On November 10th, the latest news revealed that US President-elect Trump announced the formation of the Trump Vance Inaugural Committee on November 9th. Former Georgia Republican Senator Kelly Loeffler will serve as co-chair alongside New York real estate investor Steve Witkoff.

According to multiple US media outlets, including the Associated Press, on November 9th, Arizona's final election results were released, confirming the victory of President-elect Trump and securing 11 electoral votes for him. He now has a total of 312 electoral votes, while Harris secured 226. In the 2020 US election, Arizona was won by current President Biden.

Media reports indicate that US President-elect Trump stated on November 9th that he will not invite former Republican presidential candidate Nikki Haley and former Secretary of State Mike Pompeo to join his administration. Haley served as the governor of South Carolina and the US ambassador to the United Nations during Trump's presidency. Pompeo served as the Director of the Central Intelligence Agency and Secretary of State under Trump. He was also considered a potential Republican presidential candidate but announced in April 2023 that he would not run.

With Trump's victory, the cryptocurrency market seems to be entering a new era of opportunity. It remains to be seen whether the Trump administration will actually fulfill its promises regarding cryptocurrency including making Bitcoin a strategic reserve asset and driving further development of the cryptocurrency market.

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