Bitcoin surged to new record highs after Donald Trump’s victory in the US presidential election, reaching $76,000 (~RM335,491) for the first time. This unprecedented price hike reflects optimism that the president-elect’s upcoming administration may favour a more supportive stance towards digital assets.
Prior to the election result, Bitcoin initially exceeded $74,000 (~RM326,662) and later saw a further increase to $76,330 (~RM336,947) during the US trading day. However, it settled back around the $75,000 (~RM331,062) mark at the time of writing.
Analysts suggest that Trump’s known support for cryptocurrency, including a personal crypto project launched earlier in his campaign, could spur a continued price increase. The boost in Bitcoin also positively impacted other major cryptocurrencies like Ethereum and Solana.
The market reaction triggered liquidations across leveraged derivatives positions, with $592 million (~RM2.6 billion) cleared throughout the day, marking the largest short squeeze in the last six months. According to data from CoinGlass, about $390 million (~RM1.7 billion) of the liquidated positions were shorts, underscoring the scale of this unexpected price momentum.
CoinDesk notes that Bitcoin’s price rally signals a clear break from an eight-month consolidation period, rekindling interest and patience among crypto investors. Meanwhile, many analysts believe Bitcoin could have more room to grow in the coming days.
(Source: Coindesk)
