Miner laughing! BTC breaks 76,000, will Trump's election bring in new suckers to get on board?

Bitcoin reaches a new high, the cryptocurrency market is in full swing

After Donald Trump's confirmed victory in the US presidential election, BTC once again reached a historical high of $76,375 today, with a 24-hour increase of 10.19%. In addition to BTC, other cryptocurrency markets also followed suit. As of the completion of this draft, Ether has reached $2,828, with an increase of 18.2%. According to the data from TradingView, the total market value of cryptocurrency is $2.49 trillion, with Decentralization exchange Uniswap ($UNI), Block platform Solana ($SOL), and Decentralization GPU rendering platform Render ($RNDR) standing out.

Image source: TradingView Cryptocurrency total market value is 2.49 trillion US dollars

Stimulated by multiple positive news, the traditional stock market also showed a significant rise, with the Nasdaq and S&P 500 indices rising by 3% and 2.5% respectively. In addition, according to the 'encryption City' previously reported, the Republican Party is likely to win both houses of Congress, a result that the market sees as more favorable for the Crypto Assets industry.

Short order liquidation frenzy, mining companies are happy

According to the Coinglass data, the encryption currency market saw a total of $592 million Margin Trading Get Liquidated on the same day, of which about $390 million were Short Position, setting the largest short order liquidation scale in nearly half a year.

Source: Coinglass, the cryptocurrency market has a total of 592 million US dollars in Margin Trading Get Liquidated.

Cryptocurrency-related stocks are also performing well. The largest Cryptocurrency exchange in the United States, Coinbase (COIN), surged 31%, with the current trading price reaching $255 per share. BTCMining company is even more ecstatic, with low-carbon mining enterprise CleanSpark (CLSK) experiencing a big pump of 23%, with a quoted price of $12.99 per share; Riot Platforms (RIOT) also rose by over 26%, with a price of $12.25 per share; Marathon (MARA) jumped by 19%, with the stock price reaching $19.35.

Not only that, the stock of 'BTC bull' MicroStrategy (MSTR) also rose by more than 13%, quoted at $258. The company currently holds 252,500 BTC, with a current value of over $19 billion, and plans to raise $42 billion in the next three years to continue buying BTC.

Trump's victory, will the Crypto Assets industry usher in a spring?

With Trump's decisive victory in the US election, the Cryptocurrency market is experiencing a 'bumper harvest.' David Lawant, head of research at FalconX Cryptocurrency broker, said: 'It's hard to imagine a better election result than this, with expectations of crucial regulatory improvements in the coming months.' He pointed out that this clarity may pave the way for more Cryptocurrency ETF products, covering major encryption assets and a broader encryption index, while providing more confidence for entrepreneurs and investors in the US token issuance sector.

However, Lawant also reminds investors to pay attention to short-term risks, including enforcement actions that departing officials may take at the last minute. It is worth noting that this time BTC set a new historical high, symbolizing its breakthrough of the eight-month consolidation period, finally rewarding the patience of many cryptocurrency investors. Cross-asset trader Bob Loukas posted on the X platform, 'From every angle, there is no reason for BTC after the election not to go all out in the next 9 to 12 months.'

Trump's policies are beneficial, and the market outlook is promising, but can they be realized?

During the Trump campaign, he proposed a 10-point policy vision at the 'BTC Conference', including establishing a 'national BTC reserve', dismissing SEC chairman Gary Gensler, making the United States the 'global center for BTC and Cryptocurrency', abolishing BTCCapital Gains Tax, etc. The US government currently holds over 203,000 BTC, with a total value of about $15 billion. Trump promised to maintain these Holdings and may use them as national reserve assets, which may prompt other countries to consider including BTC in their national reserves.

However, the Trump administration also faces some challenges in implementing these policies. For example, the removal of the BTC capital gains tax, which requires congressional approval, may be met with resistance due to concerns about tax losses. In addition, the proposal to create a "national BTC reserve" has also sparked discussions about the volatility of the cryptocurrency and the possible negative effects of its inclusion in the national reserve. There are even foreign media discussions, Trump's past bounce rate is as high as 80%, how much of this policy vision can be realized?

Institutional investors are enthusiastic, BTC breaks through ATH again at $76,000

iShares BTC Trust ETF (IBIT), owned by BlackRock, has performed impressively, reaching a volume of $1 billion in just 20 minutes, indicating a significant increase in incremental capital. ETF analyst Eric Balchunas pointed out that this may indicate a large influx of funds. On October 29th, IBIT's BTC volume reached $3.3 billion, attracting an inflow of $1.8 billion in just a few days.

Image source: Eric Balchunas. $IBIT from BlackRock has performed well, achieving a volume of $1,000,000,000 in just 20 minutes.

The BTC derivatives financial market also shows a significant improvement in market sentiment, and the degree of leverage has not been excessively expanded, which is crucial for breaking through the $76,000 mark. The premium of BTC futures over the spot market has risen to 12%, exceeding the neutral range of 5% to 10%. However, Keith Alan, co-founder of the trading analysis platform Material Indicators, mentioned that the current market is filled with speculative behavior. Considering the upcoming Federal Reserve interest rate decision, investors remain cautious.

It is worth noting that the Coinbase exchange premium has returned for the first time in five weeks, indicating that US investors are likely leading this wave of growth. In addition, Coinbase has invested tens of thousands of dollars to support pro-cryptocurrency candidates for Congress during this election cycle and has achieved significant victories in key districts such as defeating Senator Sherrod Brown in Ohio through its 'Stand With Crypto' alliance advocacy campaign.

[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific situation. The responsibility is on their own when investing.