30s Summary

Following Donald Trump’s second US presidential election win, big investors started appreciating Bitcoin more. The cryptocurrency hit its all-time high of $76,400 after the win. Two ‘whales’ invested $142 million in Bitcoin. These significant investors can greatly affect the cryptocurrency’s price. With the stablecoin market cap at $160 billion, Bitcoin could potentially hit $100,000 within the next three months. New Bitcoin whales emerged even before the election results, buying over 1,806 Bitcoin worth over $132 million. As a result, Bitcoin hit over $75,000 on Nov. 6, and analysts predict it could reach $80,000 by the end of 2024.

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After Donald Trump won the US presidential election for the second time, Bitcoin started to attract a lot more attention from big-time investors, nicknamed ‘whales’. Bitcoin actually reached its all-time high value of $76,400 just after Trump’s win was announced.

Interestingly, one day after Trump’s victory, one of these whales (identified by wallet address “bc1qh”) invested over $50.4 million into Bitcoin through Binance, the biggest exchange for cryptocurrencies. If that wasn’t enough, another whale (wallet address “bc1qa”) bought more than $92 million worth of Bitcoin the day after. This whale actually started buying Bitcoin only a week before the US election, starting with a $52 million purchase on Nov. 1.

Altogether, these two whales have brought in $142 million worth of Bitcoin since Trump won. This huge investment reflects the growing demand for Bitcoin as a hot investment.

Big whales like these can greatly impact the price of a cryptocurrency because they move around massive amounts of money. Many traders follow these whales’ purchases for clues on what the price of the cryptocurrency might do next.

With the stablecoin market cap hitting a fresh high and staying around $160 billion, there could be a significant increase in market leverage. This could potentially make Bitcoin reach $100,000 within the next three months.

New Bitcoin whales actually started to appear even before Trump’s victory was announced. On Nov. 6, they secured and took out over 1,806 Bitcoin, worth more than $132 million, using 11 new cryptocurrency wallets.

As the election results started to come in showing Trump in the lead, Bitcoin hit a new all-time high of over $75,000 on Nov. 6. Some analysts believe that this increase in price volatility could actually contribute to another jump in the bull cycle.

In fact, analysts from Bitfinex predict Bitcoin could reach $80,000 before the end of 2024. They believe this will be driven by the structure of the options market and the prospect of another Republican presidential win.