Donald Trump’s near-victory in the US presidential elections pushed the Bitcoin (BTC) price to an all-time high of $75,118.
In the USA, Republican Party presidential candidate Donald Trump is leading the election race against Democratic Party presidential candidate Kamala Harris. According to the latest data from the BBC, Trump reached 246 delegates, while Harris obtained 187 delegates. Any candidate who reaches 270 delegates will win the elections.
Source: BBCTrump’s march towards victory, promising to make Bitcoin a strategic reserve in the USA if he won, started the bull run in the crypto market. Leading cryptocurrency BTC broke a new record by reaching $75 thousand 118.
Donald Trump destroyed it, Bitcoin accompanied it
Donald Trump left his mark on the swing states that determined the fate of the US presidential elections. While Trump reached 50 percent in the state of Arizona, Kamala Harris remained at 49.2 percent. In Pennsylvania, one of the key states, Trump was seen leading with 51.2 percent.
The candidate who manages to receive votes from 270 of the 538 delegates that will make up the Electoral College will become the new president of the United States. According to Euronews, Trump is leading in all swing states that determine the fate of the Electoral College. The swing states in question are: Pennsylvania, Georgia, Arizona, Nevada, Michigan, North Carolina and Wisconsin.
BTC broke the all-time high it last formed on March 14. The record high, which came eight months later, liquidated many traders who opened short trades.
According to Coinglass data, $488 million was liquidated in the last 24 hours. 361 million dollars of these liquidations were realized in short transactions.
Another factor that enabled BTC to break the record was Polymarket. On the prediction platform Polymarket, Trump’s odds of winning have risen to 96 percent. On the other hand, Trump’s promise to dismiss SEC Chairman Gary Gensler if he won also triggered the market rise.
The crypto industry is celebrating that Bitcoin will be legalized in the US and Gensler will be removed from office.
Crypto analysts had suggested that Trump’s victory would push BTC to $100,000. Pav Hundal, chief analyst at Swftyx, told Cointelegraph. “The spot market is flying high and shorts are being liquidated. Traders think crypto summer is back. Our order books are almost entirely buy action right now.“
