Trump’s White House Comeback Spurs $500M Crypto Bloodbath and New Bitcoin All-Time High

Key Takeaways

• Trump’s victory sends the crypto market to a bullish high, with BTC touching new ATH.
• Over $570 million in leveraged crypto trades were liquidated in 24 hours.
• With regulatory changes ahead, Trump’s win sparks uncertainty and opportunity in the crypto market.

The Donald J. Trump election victory has had an unlikely beneficiary: the cryptocurrency market.

Bitcoin (BTC), in particular, has surged to unprecedented heights, breaching the $75,000 mark for the first time.

However, a more sobering reality has emerged beneath the surface of this digital gold rush.

According to CoinGlass data , over $570 million in leveraged crypto trades have been liquidated in the past 24 hours, with nearly 125,000 traders forced to cut their losses.

Bitcoin Turns Green, Short Traders Bleed Red

Bitcoin, which surged to a new all-time high of $75,361, was at the epicenter of the volatility.

As the price rallied, crypto short sellers were caught off guard, and a wave of liquidations ensued.

According to CoinGlass, leverage traders in Bitcoin markets saw $282 million in losses, with short sellers accounting for $221 million.

The rally also lifted Dogecoin (DOGE), which reached a new monthly high of $0.2133 and overtook XRP to become the seventh-largest crypto asset by market capitalization.

However, the subsequent correction to $0.194 triggered a fresh round of liquidations, with short sellers losing $29.7 million and long-position holders losing $26.3 million.

The fallout was not limited to BTC and DOGE.

Other cryptocurrencies, such as Ethereum (ETH) and Solana (SOL), also saw significant liquidations, with losses totaling $48.36 million and $28.6 million, respectively.

Trump Win Sends Crypto Market Soaring

As the crypto market continues to reel from the aftermath of Trump’s victory, attention is turning to the industry’s next move.

With Trump’s campaign soon becoming a reality, crypto enthusiasts are eagerly waiting to see how the new administration will shape the regulatory landscape.

One of the most pressing questions is the fate of Gary Gensler, the current head of the Securities and Exchange Commission (SEC).

Trump’s vow to fire Gensler has put everyone on edge, and many are wondering when this will happen.

Meanwhile, Coinbase, one of the largest crypto exchanges, is already making moves to capitalize on Trump’s win.

The company has announced plans to ramp up its lobbying efforts in Washington, hoping to influence the new administration’s crypto policies.

As the industry adjusts to this new reality, one thing is clear: Trump’s victory is likely to trigger a seismic shift in the crypto market, with consequences that will be felt for months to come.