Trump’s Presidency Triumph Spurs Bitcoin to Hit $82K ATH – Will It Reach $100K? 

$BTC continues to spike in response to Donald Trump’s recent US election triumph, zooming past $82K just now, and slightly dropping since.

It’s not only $BTC’s that’s profiting. As usual, when the crypto king makes moves, other tokens follow suit – $DOGE just flipped $USDC.

While analysts predict $BTC will reach $100K, others anticipate a drop. If they had more faith, their crypto wallets would probably be much chunkier. 

$BTC Buoyed by the US Election’s Outcome

Following the buzz surrounding Trump’s election as president-elect on Nov. 6, $BTC’s price has risen by 18.84% this week, from $69K to $82K.

$BTC’s 24-hour trading volume is up by an eye-boggling 64.25%, valued at a commendable $77.83B, showing heightened investor interest.

Per CoinMarketCap, the crypto monarch’s total value has soared by 120.08% since last year. 

Galaxy Digital’s CEO Predicts Crypto Boom

Many crypto enthusiasts, including Galaxy Digital’s CEO, Mike Novogratz, forecast significant progress in the crypto industry following Trump’s presidential win. 

The crypto community showed up. There are now over 240 Congressmen who the crypto pack thought were pro-crypto. We’ve got a Congress that is moving our way. We’ve got a president moving our way. And so, for Galaxy, the crypto industry, I couldn’t be more optimistic.

– Mike Novogratz

One of the president-elect’s significant promises is a change in SEC leadership because the agency is aggressive toward crypto. For example, many major crypto companies (like Ripple, OpenSea, and Coinbase) are currently facing lawsuits over ‘selling unregistered security tokens.’ 

Following Trump’s win, there are rumors that Robinhood’s legal head, Dan Gallagher, will replace Gary Gensler as the SEC chair – he’s known to be less hostile to crypto practices. 

Another plus is a potential Bitcoin strategic reserve, which Senator Cynthia Lummis reaffirmed straight after the US election results. 

$DOGE Flipped $USDC After Musk Endorsement

Not only $BTC but other cryptocurrencies are flying high after Trump beat Kamala Harris. $DOGE just flipped $USDC by market cap, making it the sixth-largest meme coin worldwide. 

Trump’s not the only one fueling $DOGE’s success. The dog coin jumped on Elon Musk’s renewed endorsement, pushing it to soar 88% over the past seven days. 

With Trump’s nod of approval, Musk broached the idea of designing a ‘Department of Government Efficiency’ abbreviated as D.O.G.E. 

Despite the scarce details, it led crypto enthusiasts to speculate the meme coin might gain formal recognition. 

Beyond its success, many meme coins have surged amidst the US’ positive crypto environment: 

During the frenzy, investors also gained from Trump coins.

Per OnChain Lens, a crypto trader who acquired Trump Derangement Syndrome ($TDS) profited a whopping $750K from a $291 investment in just three days – a x2,571 return. 

Crypto Shorters Lose $641+ in Liquidated Positions

But not everyone has capitalized from these bullish times. While $BTC’s price spiked – energizing the entire market – it also triggered a wave of short position liquidations. 

According to CoinGlass data, 210,337 traders have been liquidated over the past 24 hours, for a total of $641.92M. $DOGE shorters were hit the hardest over the past hour, with $699.84K in liquidated positions, followed by $SOL ($469.42K) and $SUI (394.42K).

Trump Shapes the US Crypto Domain

The crypto industry is in bullish territory after Trump’s victory, bolstered by confidence in regulations easing under new administration and high-profile figures like Musk. 

However, like all good things, there’s a catch – the market upswing comes with risks, as shown by the liquidations of short positions. 

Nonetheless, with renewed interest and a supportive political environment in the US, $BTC’s never been higher, and thus, the industry’s never looked brighter.

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