Bitcoin Surges Past $75K as Trump Leads in Early Voting, DOGE Rallies
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Bitcoin and Dogecoin are experiencing sharp gains as U.S. election results indicate early wins for Donald Trump, a figure widely perceived as favorable to the cryptocurrency sector. BTC surged to a new high above $75,000 amid $94 million in liquidations of short positions, while DOGE has seen a 20% jump, extending its monthly gains to over 65%.
Bitcoin Sets New All-Time High Above $75K Amid Trump’s Election Momentum
Bitcoin has hit an unprecedented high, breaching the $75,000 mark on Wednesday as favorable election results for Donald Trump, a perceived crypto-friendly candidate, began to surface. BTC has climbed 7.5% over the past 24 hours, spurred by Trump’s dominance in early voting, which saw his chances of victory rise to an 85% probability on Polymarket. Traders often view a Trump win as positive for the industry due to his openness toward cryptocurrency, especially compared to Democratic candidate Kamala Harris.
Rising Liquidations and Demand Fuel Bitcoin’s Rally
The recent spike in BTC’s price can partly be attributed to an overwhelming $94 million liquidation of short positions, per Coinglass data. Additionally, BTC is trading at a premium on U.S.-based Coinbase, indicating renewed domestic interest in the asset. This surge reflects heightened demand among American investors, possibly driven by expectations of a more crypto-friendly administration.
Dogecoin and Altcoins Gain Momentum Amid Crypto Optimism
While Bitcoin surged, Dogecoin (DOGE) has emerged as a significant winner in the altcoin space, posting nearly 20% gains since Tuesday. Futures tied to DOGE saw $30 million in short liquidations, pushing the asset’s open interest to 8.3 billion tokens by Wednesday — up from 7 billion tokens on Monday. This suggests a strong demand for DOGE, with traders speculating on further price increases. Part of DOGE’s rally may be attributed to Elon Musk’s support as he promotes a Republican-backed initiative, D.O.G.E. (Department of Government Efficiency), sparking renewed interest in the token.
In line with DOGE’s rise, dog-themed tokens like Shiba Inu (SHIB), Floki (FLOKI), and Bonk (BONK) have each gained over 10%, with the broader “sector” of dog-themed tokens outperforming the market at an average gain of 16%, compared to the 7.2% rise in the CoinDesk 20 index.
Trump’s Election Momentum Lifts Crypto Sentiment
At the time of writing, early trends indicate that Trump has secured wins in key states such as Kentucky, Florida, and West Virginia, with an electoral lead of 198 to 99 over Kamala Harris, per the Associated Press. The Trump-driven optimism in the crypto sector has provided a robust foundation for continued bullish sentiment as market participants eye both BTC and altcoins for potential gains.
Technical Outlook and Market Sentiment
Bitcoin is set for further upward movement if this trend continues, with key support expected at the $75,000 level, while bullish sentiment around DOGE and related tokens appears set to carry on. Should the election results align with current trends, we may see increased market enthusiasm and continued upward pressure on cryptocurrency assets across the board.
Bitcoin Sets New All-Time High Above $75K Amid Trump’s Election Momentum
Bitcoin has hit an unprecedented high, breaching the $75,000 mark on Wednesday as favorable election results for Donald Trump, a perceived crypto-friendly candidate, began to surface. BTC has climbed 7.5% over the past 24 hours, spurred by Trump’s dominance in early voting, which saw his chances of victory rise to an 85% probability on Polymarket. Traders often view a Trump win as positive for the industry due to his openness toward cryptocurrency, especially compared to Democratic candidate Kamala Harris.
Rising Liquidations and Demand Fuel Bitcoin’s Rally
The recent spike in BTC’s price can partly be attributed to an overwhelming $94 million liquidation of short positions, per Coinglass data. Additionally, BTC is trading at a premium on U.S.-based Coinbase, indicating renewed domestic interest in the asset. This surge reflects heightened demand among American investors, possibly driven by expectations of a more crypto-friendly administration.
Dogecoin and Altcoins Gain Momentum Amid Crypto Optimism
While Bitcoin surged, Dogecoin (DOGE) has emerged as a significant winner in the altcoin space, posting nearly 20% gains since Tuesday. Futures tied to DOGE saw $30 million in short liquidations, pushing the asset’s open interest to 8.3 billion tokens by Wednesday — up from 7 billion tokens on Monday. This suggests a strong demand for DOGE, with traders speculating on further price increases. Part of DOGE’s rally may be attributed to Elon Musk’s support as he promotes a Republican-backed initiative, D.O.G.E. (Department of Government Efficiency), sparking renewed interest in the token.
In line with DOGE’s rise, dog-themed tokens like Shiba Inu (SHIB), Floki (FLOKI), and Bonk (BONK) have each gained over 10%, with the broader “sector” of dog-themed tokens outperforming the market at an average gain of 16%, compared to the 7.2% rise in the CoinDesk 20 index.
Trump’s Election Momentum Lifts Crypto Sentiment
At the time of writing, early trends indicate that Trump has secured wins in key states such as Kentucky, Florida, and West Virginia, with an electoral lead of 198 to 99 over Kamala Harris, per the Associated Press. The Trump-driven optimism in the crypto sector has provided a robust foundation for continued bullish sentiment as market participants eye both BTC and altcoins for potential gains.
Technical Outlook and Market Sentiment
Bitcoin is set for further upward movement if this trend continues, with key support expected at the $75,000 level, while bullish sentiment around DOGE and related tokens appears set to carry on. Should the election results align with current trends, we may see increased market enthusiasm and continued upward pressure on cryptocurrency assets across the board.