Bitcoin hits new all-time high of over $75K as Trump dominates

Bitcoin Surges to Record High on Positive Election News

Bitcoin recently reached an impressive new all-time high of over $75,000, driven in part by a massive liquidation of bearish positions totaling $94 million, according to data from Coinglass.

The surge coincided with early voting results showing a lead for Republican candidate Donald Trump, who is generally perceived as more favorable to the cryptocurrency industry than his Democratic opponent, Kamala Harris. As Trump's chances of winning the presidency climbed to 85% on betting platform Polymarket, Bitcoin experienced a significant 7.5% increase in just 24 hours, with a particularly sharp rise in the final two hours.

Additionally, Bitcoin is currently trading at a premium on Coinbase, indicating renewed interest from U.S. investors. Dogecoin (DOGE) has also witnessed remarkable growth, rising nearly 20% since Tuesday and boasting over 65% gains in the past month, making it the top-performing major cryptocurrency.

This surge in DOGE's value is partly attributed to over $30 million in short liquidations in the last day, suggesting a strong demand for the token. The open interest in DOGE futures has also spiked, indicating that traders anticipate further price movements.

The recent DOGE rally has been further fueled by endorsements from tech entrepreneur Elon Musk, who has proposed a new government agency called the Department of Government Efficiency (D.O.G.E), playfully referencing the cryptocurrency.