Bitcoin’s price surged over $75,000 on various crypto exchanges in Asia as favorable election results for Republican Donald Trump began to come in. Trump’s odds of winning the U.S. presidency on the Polymarket betting marketplace have risen to 85%, which is seen as a positive outcome for the cryptocurrency industry by traders. This spike in Bitcoin’s price may be due in part to a $94 million liquidation of bearish bets against the asset, as well as renewed demand on Coinbase.
In addition to Bitcoin’s rise, Dogecoin (DOGE) has seen a significant increase of nearly 20% since Tuesday, with a 30-day gain of over 65%. This surge in DOGE’s price has led to over $30 million in short liquidations over the past 24 hours, indicating a strong demand and expectations of further market movements. Elon Musk’s endorsement of DOGE as part of the Republican campaign has also contributed to its bullish sentiment, with a parody D.O.G.E token on Ethereum seeing a 77% increase in the past 24 hours.
The positive sentiment surrounding DOGE has spilled over to other dog-themed tokens such as shiba inu (SHIB), floki (FLOKI), and bonk (BONK), which have all seen increases of over 10%. Sector tokens as a whole have gained 16% on average, outperforming the broader CoinDesk 20 (CD20) majors index.
Early election results show Trump leading in key states such as Kentucky, Florida, and West Virginia, giving him an electoral college vote lead of 198 to 99 over Kamala Harris. The continued success of Trump in the election is seen as a bullish sign for the cryptocurrency industry, driving up prices of Bitcoin and other tokens.
Overall, the cryptocurrency market is experiencing a positive trend as election results favor Trump and demand for digital assets continues to grow. Investors and traders are closely watching the outcome of the election and its impact on the industry.