The cryptocurrency market experienced a historic surge as Bitcoin reached an unprecedented price peak following Donald Trump's declared election victory.
Bitcoin's Record-Breaking Rally
On November 6, Bitcoin opened with extraordinary momentum:
- Early trading saw an 8% spike
- Price peaked at $75,349 per coin
- Settled above $73,000 for most of the day
- Closed at $73,634 (6.08% daily gain)
Coinbase's Bitcoin Premium Index reached 0.2034% overnight—the highest level since late September.
Altcoin Performance
The crypto rally extended across major altcoins:
- Ethereum: +5.99%
- Litecoin: +3.09%
- Dogecoin: +15.33% (boosted by Elon Musk's endorsement)
Market Impact and Liquidations
The sudden surge caused massive short squeezes:
- 120,000+ accounts liquidated
- $554 million evaporated in 24 hours
- Equivalent to ¥3.967 billion RMB
Political Catalysts Behind the Surge
Trump's Pro-Crypto Stance
The price surge directly correlates with:
- Trump's projected election victory
His campaign promises to:
- Embrace cryptocurrency
- Make the U.S. the "global crypto capital"
- Add Bitcoin to national reserves
- Replace SEC Chair Gary Gensler
Expert Analysis
HashKey Group's chief analyst Jeffrey Ding notes:
👉 Why Trump's victory matters for crypto investors
- Trump actively participated in Web3 (NFTs, DeFi projects)
- Accepted Bitcoin campaign donations
- Publicly supported digital assets
Market Outlook and Projections
Short-Term Forecast
Bernstein analysts predict:
- Bitcoin will surpass its March 2024 record ($73,798)
- Potential to reach $80,000-$90,000 range
Long-Term Considerations
Key factors that may influence future performance:
- Federal Reserve's interest rate decisions
- Inflationary impact of Trump's fiscal policies
- Global liquidity conditions
FAQs
Q: Why did Bitcoin price spike after Trump's victory?
A: Due to his pro-crypto campaign promises and planned regulatory changes favoring digital assets.
Q: How high could Bitcoin go in this rally?
A: Analysts suggest $80,000-$90,000 is achievable in the coming weeks.
Q: What risks should investors consider?
A: Potential inflation from Trump's policies may delay Fed rate cuts, affecting market liquidity.
Q: How does this compare to Bitcoin's March 2024 high?
A: The current rally has stronger political catalysts but faces similar liquidity challenges long-term.
Q: Are other cryptocurrencies benefiting?
A: Yes, major altcoins like Ethereum and Dogecoin are seeing significant gains.
Q: What's the impact on crypto regulations?
A: Trump's administration would likely implement more crypto-friendly policies compared to Biden's approach.
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