BTC Hits New ATH Amid Trump Victory and Massive Liquidations
The leading cryptocurrency, Bitcoin, has reached a new all-time high of $75,000.
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The leading cryptocurrency, Bitcoin, has reached a new all-time high of $75,000.
The last major BTC rally occurred in mid-March 2024, when the price peaked at $73,686.93, fueled by optimism around spot Bitcoin ETFs and rising institutional interest.
BTC Reaches Another ATH
What triggered this latest surge?
While official U.S. election results are still pending, experts believe the outcome is effectively decided, with Donald Trump projected as the winner. His likely return to the White House is seen as promising by the crypto community, as Trump has previously expressed strong support for cryptocurrency.
The market is also anticipating reduced regulatory pressure, symbolized by a possible removal of SEC Chair Gary Gensler, known for his strict stance on crypto companies—a change Trump has publicly pledged.
A potential drawback could be Elizabeth Warren’s likely victory over crypto advocate John Deaton in the Senate race. However, this is not expected to have a significant impact on the future of digital finance, as the industry anticipates a pro-crypto leader in the highest office.
Related: Trump Fears Ceding Crypto Market Leadership to China
Bitcoin’s price surge has also led to record liquidations. Over the past 24 hours, the total value of crypto positions forcibly liquidated by exchanges due to insufficient margin exceeded $486 million, with $253 million from short BTC positions.
This indicates that a significant number of traders were betting against Bitcoin’s price rise.
Massive BTC Short Liquidations on November 6. Source: coinglass
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