In a historic surge, Bitcoin has reached an all-time high of over $75,000, driven by Donald Trump’s lead in the U.S. presidential election. This monumental milestone marks a 7.5% increase in BTC’s price over the last 24 hours, with a whopping $94 million liquidation of short positions against Bitcoin.
Market Sentiment Swings in Favor of Bitcoin
Investor confidence has skyrocketed, fueled by Trump’s pledge to make the U.S. a “bitcoin superpower”. The Fear and Greed Index has moved into the “Extreme Greed” zone, indicating a bullish market sentiment. Institutional investors, such as Metaplanet, are piling into Bitcoin, further boosting its appeal.
Election Outcome and Crypto Regulation
Trump’s emergence as the election winner is expected to favor high-risk assets in a loose fiscal environment. The market anticipates pro-crypto policies under Trump’s administration, which has contributed to the current rally.
Bitcoin’s Appeal as a Hedge Asset
Investors are increasingly viewing Bitcoin as a hedge against the potential devaluation of the dollar. With the Federal Reserve expected to cut interest rates, Bitcoin’s appeal as a safe-haven asset continues to grow.
Stay updated on the latest developments in the crypto market as the election aftermath unfolds.