Bitcoin has recently surged to an impressive new high of over $75,000, largely influenced by a significant $94 million liquidation of bearish positions against it, according to Coinglass data.
This spike coincided with early voting results favoring Republican candidate Donald Trump, who is seen as more supportive of the cryptocurrency industry compared to his Democratic counterpart, Kamala Harris.
As Trump’s chances of winning the presidency climbed to 85% on betting platform Polymarket, Bitcoin experienced a notable 7.5% increase in just 24 hours, with a particularly sharp rise in the last two hours.
Additionally, Bitcoin is trading at a premium on Coinbase, indicating a resurgence of interest from U.S. investors. Meanwhile, Dogecoin (DOGE) has also seen 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, reflecting a strong demand for the token. The open interest in DOGE futures has also increased significantly, suggesting traders are anticipating further price movements.
The recent rise in DOGE has been bolstered by endorsements from tech mogul Elon Musk, who has proposed a new government agency called the Department of Government Efficiency (D.O.G.E), cleverly linking it to the cryptocurrency.
