30s Summary

Bitcoin ‘whales’ are buying up the cryptocurrency, encouraged by early election results showing a possibility of ex-President Trump’s victory in the 2024 presidential election. Over 1,806 bitcoins, equivalent to $132 million, have been transferred to new cryptocurrency wallets on Binance. This speculation has nudged Bitcoin to a new high of $75,000, with experts foreseeing it reaching $80,000 before 2024 ends, considering a potential Republican win. The Crypto Fear & Greed Index also indicates a ‘greedy’ sentiment for crypto investment.

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Looks like some big-time Bitcoin investors, also known as “whales”, are betting on former President Donald Trump scoring a win in the 2024 election. They’ve been buying up and transferring hefty amounts of Bitcoin, topping 1,806 bitcoins total across 11 brand-new cryptocurrency wallets. This totals to more than $132 million in Bitcoin.

These huge Bitcoin transfers, spotted on Binance – one of the biggest cryptocurrency exchanges, were detected to be from newly created cryptocurrency wallets, by the crypto tracking system Lookonchain.

With Donald Trump projected to potentially win the next presidential elections, it appears there’s growing interest in ‘risky’ investments like Bitcoin. Trump managed to snag some major states like Pennsylvania, North Carolina, and Georgia, where he lost in the 2020 elections.

Driven by the election buzz, the value of Bitcoin hit a new all-time high on Nov. 6, crossing $75,000 as traders bought up more Bitcoin, encouraged by early election results showing a lead for Trump.

Even with expected price volatility after the election results, some traders see it as a positive sign, prepping Bitcoin for the next big surge. Notably, experts from Bitfinex see Bitcoin reaching $80,000 before 2024 ends, based on how options markets are shaping and considering the potential of a Republican presidential victory.

Further adding to this optimistic outlook, Bitcoin managed to flip the $70,000 mark that was once a critical barrier for its long-term price, into a foundational support point.

Overall, the general mood around cryptocurrency continues to be fairly optimistic – maybe even a bit greedy – especially with the possibility of a Republican win. The Crypto Fear & Greed Index has stayed above 70, indicating a ‘greedy’ sentiment for crypto, based on data from alternative.me.

The Fear & Greed Index, measuring the mood of crypto market, started shifting from ‘fear’ at 32, to ‘greed’ since mid-October after Trump took the lead in the popular decentralized betting market, Polymarket. By early October, odds had flipped in favor of Trump, a big turnaround from September. In less than two weeks, Trump was leading by more than 10 points.