30s Summary

Following Donald Trump’s presidential victory, the value of crypto assets, including Bitcoin reaching over $76,000, increased significantly amid optimism that the election could benefit digital assets in the US. This surge caused $592m in leveraged derivatives trading positions across all crypto assets to be liquidated, creating the largest short squeeze in six months. Crypto stocks also climbed, led by a 31% advance from crypto exchange Coinbase. Despite the record highs, warnings of potential “last-minute enforcement actions by departing officials” highlighted potential short-term risks.

Full Article

After Donald Trump won the U.S. presidency, the value of crypto assets rose even higher, with bitcoin hitting over $76,000 for the first time ever. This indicates that folks are feeling pretty optimistic that the election could mean good things for digital assets in the largest economy in the world.

Bitcoin’s value rose to an all-time high of $76,330 on Wednesday, marking a 9.5% increase in just 24 hours. Ethereum’s ether also went up, coming close to $2,700, which is an 11% increase.

The CoinDesk 20 Index, which tracks the market, reported a 10.7% increase. This was mainly due to the decentralized exchange Uniswap, the layer-1 blockchain Solana, and the decentralized GPU rendering platform Render.

According to data from CoinGlass, the spike in crypto caused $592 million in leveraged derivatives trading positions across all crypto assets to be liquidated. Specifically, $390 million of these were leveraged shorts betting on lower prices, creating the largest short squeeze in the past six months.

Crypto stocks followed suit and joined the rally, led by crypto exchange Coinbase’s 31% advance. Bitcoin miners Riot Platforms, TeraWulf, and CleanSpark saw their stocks increase by 20%-25%.

This all happened on a day when risks were pretty high; the Nasdaq and S&P 500 climbed 3% and 2.5%, respectively, after Trump’s decisive win in the elections. Some are predicting that Republicans might win both houses of Congress, which could be even better news for the crypto industry.

While folks are pretty pumped about these developments, there’s a caution to keep in mind. We still could see “last-minute enforcement actions by departing officials,” which could pose short-term risks.

For now, Bitcoin’s got more room to run after this record high. It’s breaking from an eight-month consolidation phase, and people are pretty excited to see what’s next. Popular trader Bob Loukas summed it up pretty well: “Every way I look at bitcoin here after the election, there just are no more excuses or reasons left for why it doesn’t full send over the next 9-12 months,” he said in a post. The next event folks are looking to is the Federal Open Market Committee meeting on Thursday.