Bitcoin Surges: Bitcoin Hits $75,000 as Trump Wins Key Swing States
Bitcoin Surges – In a significant move within the cryptocurrency market, a wave of new Bitcoin whales—investors holding substantial amounts of Bitcoin—has emerged, accumulating Bitcoin in anticipation of Donald Trump’s potential victory in the 2024 U.S. presidential election. This surge in large-scale Bitcoin accumulation has been marked by the transfer of over 1,806 Bitcoin (worth approximately $132 million) to 11 newly created cryptocurrency wallets.
Bitcoin Whales Make Big Moves in Anticipation of Trump Victory
The transfers, which were flagged by crypto intelligence platform Lookonchain on November 6, show that whales are withdrawing significant amounts of Bitcoin from Binance, the world’s largest centralized exchange (CEX). This behavior signals growing investor confidence in Bitcoin as a risk-on asset, driven by the expectation that Trump will win the 2024 election.
Following Trump’s lead in several crucial swing states like Pennsylvania, North Carolina, and Georgia—states he lost in 2020—multiple sources including The Hill and Decision Desk HQ have declared Trump as the 2024 election winner. This news has triggered a strong wave of optimism in the crypto market, further fueling Bitcoin’s rally.
Bitcoin Breaks $75,000 as Trump’s Election Lead Bolsters Investor Sentiment
The heightened optimism surrounding Trump’s lead in the early election results has sent Bitcoin soaring, with the cryptocurrency hitting a new all-time high of over $75,000 on November 6. This surge in price is largely driven by Bitcoin traders accumulating more of the digital asset as the election results pointed to Trump’s victory.
While price volatility is expected to remain high post-election, analysts believe this is a necessary step in the ongoing bull cycle. In fact, Bitfinex analysts have predicted that Bitcoin could rally to $80,000 by the end of 2024, buoyed by the market’s expectations of a Republican-led economic agenda and the growing interest in crypto assets ahead of Trump’s potential victory.
Analyst Predictions Point to Bitcoin Reaching $80,000 by Year-End
According to Bitfinex analysts, there has been a sharp rise in open interest for options on Bitcoin, particularly for contracts expiring on December 27, with the $80,000 strike price being the focal point. The analysts noted that the options market positioning has shown a significant rise in call interest, further solidifying the expectation that Bitcoin will reach $80,000 before the end of the year.
Moreover, Bitcoin has recently flipped the $70,000 psychological level into support, which previously posed a significant resistance for the asset’s price. This shift in support indicates that the bullish momentum remains strong, even as volatility increases.
Growing Investor Sentiment: Crypto Fear & Greed Index Signals “Greed”
Investor sentiment in the cryptocurrency market remains “greedy”, according to the Crypto Fear & Greed Index, which has remained above 70 since October 11, indicating a market that is more eager to buy than sell. This positive sentiment was first noted shortly after Trump gained a lead in the Polymarket betting platform, which tracks political outcomes. The Polymarket odds flipped in Trump’s favor on October 4, showing a marked reversal from previous trends, with Trump eventually leading by more than 10 points by October 12.
The Fear & Greed Index is a multifactorial measure of investor sentiment in the crypto market, and its rise from a “fear” level of 32 to above 70 signals that traders are increasingly confident about Bitcoin’s future performance under a potential Trump administration.
Crypto Market Braces for Regulatory Shift Under Trump
As the market prices in a Republican victory, concerns about crypto regulations continue to linger. While Donald Trump has expressed intentions to make the U.S. the “crypto capital” of the world, the specifics of his policy agenda on cryptocurrency regulation remain unclear.
Experts like Anthony Yeung, the Global Head of Strategic Development at CoinCover, have stated that while Trump’s win could be seen as a positive for the crypto industry, it is crucial for the U.S. to act quickly in establishing a clear regulatory framework. Yeung warned that any delays in the U.S. regulatory approach could lead to the adoption of global standards, such as the European Union’s MiCA legislation, which could set the bar for crypto regulations worldwide.
“If the U.S. puts crypto regulation on the back burner for any longer, this could affect its ability to shape the regulatory landscape over the coming years,” Yeung said.
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