Daily Crypto Roundup: Crypto Markets Hit Historic Milestone as Trump Claims Presidential Victory

In a historic day for cryptocurrency markets, Bitcoin (BTC) surged to unprecedented heights, reaching a new all-time high of $76,330 amid former President Donald Trump’s victory in the 2024 U.S. presidential election. The landmark price movement triggered a broader crypto market rally, with nearly $400 million in short positions being liquidated in its wake.

Trump’s Victory Sparks Market Optimism

Donald Trump’s election victory, which saw him defeat Democratic Vice President Kamala Harris, has injected fresh optimism into crypto markets. Trump, who will serve as both the 45th and 47th president, has positioned himself as a pro-crypto candidate, promising to make the United States the “crypto capital of the planet.” His victory speech pledged to usher in a “golden age” for America, with specific commitments to the crypto industry including:

• Firing current SEC Chair Gary Gensler on his first day in office
• Establishing a strategic Bitcoin reserve of 200,000 BTC
• Ending what he termed the “war on crypto”

Institutional Interest Surges

BlackRock’s iShares Bitcoin Trust (IBIT) demonstrated remarkable institutional appetite, recording over $1 billion in trading volume within the first 20 minutes of trading on November 6. This surge in institutional interest coincided with broader market gains, as crypto-related stocks posted significant increases:

• Coinbase shares closed 31% higher
• Major Bitcoin miners including Riot Platforms, TeraWulf, and CleanSpark saw gains of 20-25%

Market-Wide Impact

The crypto rally extended beyond Bitcoin, with the broader market showing substantial gains:

• Ethereum (ETH) approached $2,700, posting an 11% increase
• The CoinDesk 20 Index advanced 10.7%
• Total crypto liquidations reached $592 million, with $390 million being short positions

Major Exchange Developments

Amid the market surge, several significant developments occurred in the exchange landscape:

1. Tether executed a massive cross-chain swap of over 2 billion USDT to the Ethereum network, demonstrating growing demand for stablecoin liquidity on the platform.
2. Arkham Intelligence announced the launch of a new cryptocurrency derivatives exchange, targeting retail traders with features including:
   • Live on-chain audits
   • Proof-of-reserve systems
   • Integration with Arkham’s research tools
3. WazirX revealed plans to launch a decentralized exchange (DEX) in response to security concerns, following their July 2024 hack that resulted in a $235 million loss.

Read more: WazirX Unveils $230M Recovery Token for Hack Victims, Drawing on Bitfinex Model

Looking Ahead

Analysts remain optimistic about the crypto market’s trajectory, with FalconX’s head of research David Lawant noting that “it’s hard to think how the election outcome could have landed better for the industry.” Market participants are now turning their attention to the upcoming Federal Open Market Committee meeting, where a 25 basis point rate cut is widely expected.

The combination of favorable political developments, institutional adoption, and technical breakthroughs suggests a potentially transformative period ahead for the cryptocurrency market. However, analysts caution that short-term volatility may persist as the market adjusts to these significant changes.