Bitcoin Surges to a New High of 75000 Could Cryptocurrency Soar to 100000 by YearEnd

What happened?
The vote counting for the U.S. presidential election commenced today (6th), with seven key swing states including Georgia, Pennsylvania, and Michigan considered as victory indicators. As of the time this article was published, Republican candidate Trump was performing better in these swing states.
With Trump’s strong performance, the price of Bitcoin soared to a new high of $75,000.85 on November 6th, breaking the historical record of $73,679 set earlier this year.
The prospect of Trump winning has also led to a rise in Trump-related stocks and blockchain-related stocks.
Bitcoin surpasses $75,000 historical high, massive short positions liquidated
As votes are being counted in the U.S. presidential election, according to the AP’s tally, as of 3 p.m. today (6th), Trump was temporarily leading Kamala Harris with 247 electoral votes to 214, causing the cryptocurrency market to surge continuously. Bitcoin even briefly surpassed $75,000, setting a new high for the year.
According to CoinGlass data, this price surge resulted in approximately $179 million in Bitcoin short positions being liquidated within four hours. Traders had initially predicted that the U.S. presidential election results would lead to a drop in Bitcoin prices. However, the reality showed a strong and growing demand for Bitcoin spot, severely hitting the market bears.
? Short selling: A trading strategy attempting to profit from a drop in stock prices. Investors predict that the price of an asset will fall, so they borrow and sell the asset first, then buy it back at a lower price to earn the difference.
On the other hand, Dogecoin also became a beneficiary under the influence of the election. Since early October, Dogecoin has risen 65% in the fourth quarter of this year and increased 12% in the past 24 hours under the positive expectations of the U.S. presidential election results.
In August of this year, “Dogecoin father” Elon Musk proposed the idea of establishing a “Department of Government Efficiency” and posted on social media expressing his willingness to work for Trump, noting the department’s abbreviation as “D.O.G.E.,” sparking renewed community discussion about Dogecoin.
This has led many cryptocurrency traders to believe that if Trump is successfully elected, the U.S. government might really establish a new department “D.O.G.E.,” further boosting the heat of Dogecoin and the cryptocurrency market.
According to on-chain data, the number of newly created DOGE wallet addresses has increased by 100%, indicating that a large amount of new funds flowed into DOGE even before the election.
Blockchain and Trump concept stocks rise, Bitcoin aiming for $100,000 by year-end?
Additionally, due to the different policies of Trump and Kamala Harris on various issues, the prices of many “concept stocks” also rose with the election situation.
Trump’s friendly attitude towards cryptocurrencies has led to a surge in the cryptocurrency market, and the discussion of “Bitcoin concept stocks” has been on the rise. Taiwan’s blockchain concept stocks have also soared in response, with Axiomtek and SI-Soft hitting the daily limit, and stocks like ASRock, Leadtek, and ECS rising by 5 to 8%.
Apart from cryptocurrencies, Trump has also proposed tax reduction policies, manufacturing revival policies, and deregulation of financial controls. Therefore, “Trump concept stocks” including steel, chemical, financial, crypto payments, and cryptocurrency mining are also expected to benefit.
CK Zheng, co-founder of ZX Squared Capital, believes that if Trump is elected again, U.S. policies will be favorable for cryptocurrency development, thus expecting the upward momentum of Bitcoin to continue.
Markus Thielen, Head of Research at 10x Research, predicts that Bitcoin may reach a new high of $100,000 in the first quarter of 2025.
References:
Cointelegraph
Cointelegraph
Cointelegraph