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Crypto Market Surges as Trump Leads in Presidential Race

The crypto market is on the rise amid expectations of Trump’s 2024 presidential win, driving trading volume and leading to significant liquidations.

• Main Points:

  • Crypto market cap rises 10.5% to $2.47 trillion.

  • Bitcoin reaches a new all-time high of $75,397 on Bitstamp.

  • Trump’s election lead viewed as bullish for crypto industry.

  • Stock market gains mirror the crypto rally.

  • Over $500 million in liquidations from short positions.

• Detailed Insights:

  • Market Cap Growth: Total market cap rises 10.5% to $2.47 trillion on Nov. 6.

  • Bitcoin's Surge: Bitcoin hits $75,397, up 8%, with Ether rising 6.5% to $2,590.

  • Election Impact: Trump’s projected win boosts confidence in a pro-crypto administration.

  • Stock Rally Parallel: S&P 500 and Nasdaq indices see 1.2% and 1.43% gains, respectively.

  • Liquidation Spike: $504M in crypto liquidations, with $409M in the last 12 hours.

  • Rate Cut Watch: Fed expected to cut rates on Nov. 7, potentially impacting markets.

Related: 3 Indicators Suggest Bitcoin’s Price Bottom Could Be $67.3K

VaultCraft launches V2, TVL skyrockets above $100M

VaultCraft launches V2, partners with Safe, and secures $100M+ in Bitcoin

• Matrixport, Asia’s leading crypto providers, commits $100M+ in Bitcoin

• OKX Web3 to launch Safe Smart Vaults with $250K+ in rewards

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Bitcoin Hits New High, Short Sellers "Getting Rekt"

Bitcoin’s price surge to $75,000 triggers mass liquidations of short positions, as analysts emphasize the strength of spot demand driving the rally.

• Main Points:

  • Bitcoin reaches an all-time high of $75,000.

  • $180 million in short positions liquidated within hours.

  • Analysts point to spot-driven demand fueling the rise.

  • Volatility is expected to persist due to the impact of the election.

  • Forecasts suggest the potential for Bitcoin to hit $100,000.

• Detailed Insights:

  • Record High: Bitcoin reaches $75,000 on Coinbase, surpassing March 2024’s peak.

  • Mass Liquidation: $180M in short positions liquidated in just four hours.

  • Spot Demand Impact: Analysts say real coin purchases drive sustainable growth.

  • Election Volatility: Markets expect daily fluctuations of 4-5% post-election.

  • Long-Term Outlook: Analysts predict Bitcoin could reach $100,000 by Q1 2025.

Related: MicroStrategy Receives 'Strong Buy' Signal Amid Mixed Technical Indicators

Bitcoin Hits Record High, Markets Mixed as Trump Claims Election Win

Bitcoin reaches a record high amid Trump’s claimed victory in the U.S. election, impacting global markets and fueling the “Trump Trade” of tax cuts, tariffs, and deregulation.

• Main Points:

  • Bitcoin surges to a record $75,371 following Trump’s projected win.

  • U.S. dollar strengthens amid expectations for tax cuts and tariffs.

  • Stock markets react with gains in U.S., Japan, and Europe.

  • Emerging market currencies, like South Africa’s rand, experience declines.

  • Mixed performance in Asia, with concerns over U.S.-China relations.

• Detailed Insights:

  • Bitcoin Record: Bitcoin reaches $75,371, boosted by Trump’s pro-crypto stance.

  • Dollar Rally: U.S. dollar strengthens against major currencies, up 1.5% against the yen.

  • Trump’s Agenda: Market optimism grows on expectations of tax cuts, tariffs, and deregulation.

  • Global Market Reaction: Gains in Tokyo, Sydney, and U.S. futures; mixed outcomes in Asia.

  • Commodities Impact: Decline in metals as Chinese demand concerns weigh on the market.

  • Fed's Challenge: Inflationary risks complicate Fed’s rate decision, expected to cut by 25 basis points.

Related: Dogecoin Surges Amid US Election and Elon Musk's Support

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results