Donald Trump’s victory in the US presidential election pushed the price of Bitcoin (BTC) to an all-time high of $75,118.
Donald Trump, the presidential candidate of the Republican Party in the United States, is ahead in the election race against the presidential candidate of the Democratic Party, Kamala Harris. According to the latest figures from the BBC, Trump won 246 delegates, while Harris won 187 delegates. Any candidate who reaches 270 delegates will win the election.
Trump’s march to victory, promising to make Bitcoin a strategic reserve in the USA if he wins, triggered a boom in the crypto market. The leading cryptocurrency BTC broke a new record by reaching $75 thousand 118.
Donald Trump destroyed it, Bitcoin was with him.
Donald Trump left his mark on the swing states that determine the fate of the US presidential election. While Trump reached 50 percent in the state of Arizona, Kamala Harris remained at 49.2 percent. In one of the key states, Pennsylvania, Trump was seen ahead with 51.2 percent.
The candidate who receives 270 of the 538 Electoral College votes will become the new President of the United States. According to Euronews, Trump leads in all swing states that determine the fate of the Electoral College. The states in question are: Pennsylvania, Georgia, Arizona, Nevada, Michigan, North Carolina and Wisconsin.
BTC last broke the all-time high established on March 14. The record high, which came eight months later, wiped out many traders who started short trading.
According to Quinglass data, $488 million was liquidated in the last 24 hours. Of this, $361 million was realized in short transactions.
Another factor that enabled BTC to break records was the polymarket. On prediction platform Polymarket, Trump’s chances of winning have jumped to 96 percent. On the other hand, Trump’s promise to fire SEC Chairman Gary Gensler also triggered market gains.
The crypto industry is celebrating that Bitcoin will be legalized in the US and that Gensler will be removed from office.
Crypto analysts had suggested that a Trump win would push BTC to $100,000. Swftyx chief analyst Pav Hundal told Cointelegraph. “The spot market is flying high and shorts are being eliminated. Traders believe crypto summer is back. Our order books are currently almost entirely in buy action.“
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
