Historic Surge: Bitcoin Shatters Records as Trump Victory Sparks Crypto Market Frenzy
In a groundbreaking development that has sent shockwaves through the financial world, Bitcoin (BTC) has shattered all previous records, soaring past the $76,000 mark for the first time in history. As a veteran crypto market reporter, I can tell you—this is no ordinary rally.
The cryptocurrency market erupted into a buying frenzy on Wednesday following Donald Trump’s victory in the U.S. presidential election. Bitcoin reached an unprecedented $76,330, marking a stunning 9.5% increase in just 24 hours. This isn’t just about Bitcoin; the entire crypto ecosystem is experiencing a remarkable upturn.
The second-largest cryptocurrency, Ethereum (ETH), has not lagged behind. It surged to nearly $2,700, posting an impressive 11% gain. The CoinDesk 20 Index measured the broader crypto market, which jumped 10.7%, with notable performers including Uniswap, Solana, and Render.
The rally hit short-sellers hard. Market data from CoinGlass reveals that the surge triggered $592 million in liquidations of leveraged trading positions. Short-sellers, who bet against the market, took the biggest hit—losing about $390 million in what experts are calling the largest short squeeze in six months.
The stock market caught the crypto fever too. Coinbase, the leading U.S. crypto exchange, saw its shares rocket up by 31%. Bitcoin mining companies weren’t far behind—Riot Platforms, TeraWulf, and CleanSpark all enjoyed gains between 20% and 25%.
Traditional markets joined the party, with the Nasdaq jumping 3% and the S&P 500 climbing 2.5%. The widespread optimism stems from expectations that the new political landscape will create a more crypto-friendly regulatory environment in the United States.
David Lawant, head of research at FalconX, shares this optimism: “The election outcome couldn’t have been better for the industry.” He suggests we might see new crypto ETF products and increased comfort for U.S. token launches. However, he also warns of possible “last-minute enforcement actions by departing officials.”
After eight long months of market consolidation that tested even the most patient investors, Bitcoin’s breakout signals a potential new era. Bob Loukas, a respected cross-asset trader, voiced what many are thinking: “There are no more excuses left for why it doesn’t fully send over the next 9-12 months.”
All eyes are now focused on Thursday’s Federal Open Market Committee meeting. Markets expect a 0.25% cut in interest rates, which could add more fuel to this historic rally.
This unprecedented surge marks a turning point in cryptography history. With Republicans projected to control both houses of Congress and a crypto-friendly administration taking the helm, the digital asset industry appears poised for transformative growth. The question now isn’t if Bitcoin will reach new heights—it’s how high it will go.
As your reporter on the ground, I’ll keep watching these markets evolve. Stay tuned for more updates on this revolutionary moment in financial history.