Trump's Victory Sparks Crypto Frenzy: Bitcoin Hits New High, Dogecoin Surges Over 13%

Trump's Victory Sparks Crypto Frenzy: Bitcoin Hits New High, Dogecoin Surges Over 13%The cryptocurrency market went into a frenzy following the US presidential election results, with the victory of President-elect Trump driving prices higher. Bitcoin broke through $79,000 during trading, setting a new all-time high and gaining over 4% for the day

Trump's Victory Sparks Crypto Frenzy: Bitcoin Hits New High, Dogecoin Surges Over 13%

The cryptocurrency market went into a frenzy following the US presidential election results, with the victory of President-elect Trump driving prices higher. Bitcoin broke through $79,000 during trading, setting a new all-time high and gaining over 4% for the day. Dogecoin also performed well, surging over 13%.

According to Coinglass data, over 130,000 traders were liquidated in the past 24 hours. Bitcoin has seen a cumulative increase of over 10% in the past five days, a rise of about 40% in the last two months, and an almost 80% increase for the year.

Cryptocurrencies are considered part of the "Trump trade." Since the start of the election voting, cryptocurrency market investors have been betting on a Trump victory, leading to a significant surge across the cryptocurrency market, with an extremely lively trading atmosphere.

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

Trump has previously expressed clear support for the development of cryptocurrencies. In July, at the Bitcoin 2024 conference, Trump announced that if he were to return to the White House, he would include Bitcoin as a strategic reserve asset for the United States. He also promised cryptocurrency investors that he would fire the chairman of the Securities and Exchange Commission, Gary Gensler, on his first day in office.

Recent news on November 10th states that President-elect Trump announced on November 9th the establishment of the Trump Vance Inaugural Committee. Former Georgia Republican Senator Kelly Loeffler and New York real estate investor Steve Witkoff will serve as co-chairs.

According to the Associated Press and other US media outlets, the final vote count in Arizona was released on November 9th, with President-elect Trump winning and securing 11 electoral votes, bringing his total to 312. Harris received 226 electoral votes. Arizona was won by current President Biden in the 2020 US election.

According to media reports, 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 governor of South Carolina and was the US ambassador to the United Nations during the Trump administration. Pompeo served as Director of the Central Intelligence Agency and Secretary of State during the Trump administration. He was also considered a potential Republican presidential candidate, but he announced in April 2023 that he would not run.