Trump's Victory Sparks Crypto Frenzy: Bitcoin Surges to $80,000, Dogecoin Soars Over 30%!

Trump's Victory Sparks Crypto Frenzy: Bitcoin Surges to $80,000, Dogecoin Soars Over 30%!The cryptocurrency market is experiencing an unprecedented frenzy, with prices of digital assets like Bitcoin and Dogecoin skyrocketing to record highs following Donald Trump's victory in the US presidential election.Bitcoin briefly touched $80,000 per coin today, setting a new all-time high

Trump's Victory Sparks Crypto Frenzy: Bitcoin Surges to $80,000, Dogecoin Soars Over 30%!

The cryptocurrency market is experiencing an unprecedented frenzy, with prices of digital assets like Bitcoin and Dogecoin skyrocketing to record highs following Donald Trump's victory in the US presidential election.

Bitcoin briefly touched $80,000 per coin today, setting a new all-time high. Coinglass data showed that the price of Bitcoin reached a peak of $79,882.8 per coin in the afternoon (Beijing time), just a whisker away from the $80,000 mark. Other cryptocurrencies also surged. Ethereum breached the $3,200 barrier, reaching its highest point since August. Dogecoin climbed over 11%, while SUI coin jumped more than 24%.

Cryptocurrencies are being seen as part of a "Trump trade." During his campaign, Trump repeatedly praised the innovative spirit and autonomy of Bitcoin and cryptocurrencies, aligning them with American core values. He emphasized that if the US didn't embrace cryptocurrencies first, other nations would dominate the field. Therefore, he pledged to support cryptocurrencies through policy measures, aiming to position the US as a global leader in Bitcoin and blockchain technology.

Since Trump's election win, the cryptocurrency market has been on a tear. Since November 6th, Bitcoin has risen consistently from around $69,353, breaking through multiple price levels. The cumulative increase has exceeded 13%. Dogecoin's surge has been even more dramatic. From $0.1699 per coin on November 6th, it has climbed to its current level of roughly $0.2262, representing a surge of over 30%. Notably, Elon Musk, a long-time supporter of Dogecoin, has previously stated that if Trump wins the election, he would establish a Department of Government Efficiency, known as D.O.G.E.

Nick Philpott, co-founder of digital asset broker ZodiaMarkets, said, "We see a Bitcoin target range of $75,000 to $80,000 driven by the Trump victory. We also anticipate inflows from ETF funds and broader crypto funds pushing Bitcoin to $100,000 in early Q1 next year, with the potential for an even earlier surge. In terms of options, there's a large number of call options with strike prices between $80,000 and $100,000, which should further boost momentum."

Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, believes that Bitcoin will reach $125,000 by the end of this year and $200,000 by the end of 2025, fuelled by Trump's previous promises regarding cryptocurrencies. These promises include the removal of SEC Chairman Gary Gensler, the establishment of a national strategic Bitcoin reserve, and the transformation of the US into a "Bitcoin superpower."

Furthermore, it is noteworthy that BlackRock's Bitcoin fund has surpassed its flagship gold fund in size. Data compiled by Bloomberg shows that BlackRock's Bitcoin fund, IBIT, experienced net inflows of $1.1 billion on Thursday, bringing its total assets under management to $34.3 billion, exceeding the $33 billion held by its flagship gold trust, IAU.

The sustained surge has dealt a major blow to those who were shorting cryptocurrencies. CoinGlass data reveals that over the past 24 hours, over 130,000 crypto traders have liquidated their positions, resulting in losses totaling $386 million.

According to CCTV News, the US presidential election vote count is still ongoing as of November 9th (local time). Based on projections from various US media outlets, Trump has won the swing state of Arizona, bringing his total electoral vote count to 312, while Kamala Harris has garnered 226. In the US presidential election, electoral votes are distributed to the 50 states based on population, and the candidate who secures at least 270 out of the 538 electoral votes wins the presidency.

In the early hours of November 6th, US Republican presidential candidate and former President Donald Trump addressed a crowd at the Mar-a-Lago resort in Florida, declaring victory in the 2024 presidential election. Later that afternoon, incumbent US Vice President and Democratic presidential candidate Kamala Harris delivered a speech at Howard University in Washington D.C. conceding defeat.