30s Summary

Bitcoin hit a record high of over $73,000, spurred by Donald Trump’s positive election result and the liquidation of $94 million in negative bets against it. Other cryptocurrencies like Dogecoin and Ethereum DOGE token also saw significant increases. The surge in prices continues on the back of renewed US demand and expectations of a bull market.

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Bitcoin had a real surge recently, reaching a record high over $73,000 during Wednesday morning trading in Asia. It seems all those positive election results in favour of Donald Trump, who’s known for being pretty friendly to cryptocurrency, had a lot to do with this.

Over the past 24 hours, Bitcoin (or BTC as it’s often abbreviated) went up by a solid 7.5%. That increase really sped up alongside Trump’s rising chances of presidency on the Polymarket betting site – it’s now at an 85% likelihood. Most traders reckon that a Trump victory would be pretty good news for the crypto industry. Not so much for Kamala Harris though, as she’s not known for being a big supporter of cryptocurrency.

Why the big increase? Well, part of it could be down to around $94 million worth of negative or hedged bets against Bitcoin being liquidated, according to Coinglass data. Plus, BTC is now trading at quite a bit more on Coinbase, a crypto exchange. This shows that there’s a lot of renewed demand for it in the States.

Dogecoin, another type of cryptocurrency, has also seen a hefty increase of almost 20% since Tuesday. This comes after Elon Musk, the tech entrepreneur, gave it a public show of support as part of the Republican campaign. Musk is even proposing a new government department, the DOGE (or Department of Government Efficiency), to make government spending and monetary planning more effective.

Surprisingly, even a parody Ethereum DOGE token is on the up, seeing a whopping 77% increase in one day and a 500% increase since a CoinDesk analysis first highlighted the demand from traders for this joke coin.

Expectations of bull market movements can also been seen among other dog-themed tokens like shiba inu, floki and bonk, all seeing over 10% increases. On average, these sectors have seen an increase of 16%, beating the 7.2% rise in the broad-based CoinDesk 20 majors index.

So far, the Associated Press shows early trends of Trump winning in Kentucky, Florida, West Virginia, and even securing another four electoral college votes beating rival Kamala Harris. At the time of press, Trump is leading the electoral map 198 to 99.