Bitcoin is currently priced at $75,571 showing a +8.94% increase, while Ethereum is at $2,722, up by +12.38% in the past 24 hours. The market's 24-hour long/short ratio in the futures market was almost balanced at 50.6% long versus 49.4% short positions. The Fear and Greed Index, which measures market sentiment, was at 70 yesterday and increased to Extreme Greed level today at 77 today. With the U.S. presidential election outcome here and the 47th President of the United States announced, the crypto world is experiencing a surge in activity. From political memecoins tied to election outcomes today to major fund inflows driven by political hype, the intersection of politics and cryptocurrency has created a whirlwind of speculation and opportunity.
Donald Trump’s recent victory in the U.S. presidential election is making waves in the crypto world, promising a future where digital assets may flourish. From Bitcoin’s record-breaking surge to the booming memecoin platform Pump.fun, the market’s reaction underscores a renewed optimism for crypto.
What’s Trending in the Crypto Community?
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BTC breaks through $76,000, setting a new record high
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After Trump’s victory, Wall Street institutions like JPMorgan and Goldman Sachs seek potential IPO opportunities for crypto companies.
Crypto Fear & Greed Index | Source: Alternative.me
Trending Tokens of the Day
Top 24-Hour Performers
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+54.49% |
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+38.33% |
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+36.38% |
Read More: Crypto Market Braces for Election Volatility, November Token Unlocks, and Peanut Memecoins: Nov 4
Trump’s Pro-Crypto Win Signals a Shift for the U.S.
Live 2024 US presidential election results. Source: Associated Press
The U.S. crypto community is celebrating after Donald Trump declared victory on November 6. With a promise to usher in a "golden age" for America, Trump, now set to serve as the 47th and 45th president, has reignited hope for a crypto-friendly administration. Known for his support of Bitcoin and blockchain, Trump has repeatedly positioned himself as a “pro-crypto candidate,” pledging to end the regulatory "war on crypto" and transform the U.S. into the "crypto capital of the planet."
One of Trump’s first moves, if he follows through on his campaign promises, could be to remove Gary Gensler, the current head of the U.S. Securities and Exchange Commission (SEC). Trump’s stance on crypto was evident when he took the stage at Bitcoin 2024 in Nashville, Tennessee, vowing to replace Gensler with SEC Commissioner Hester Peirce, a known crypto advocate. Trump has also hinted at launching a strategic Bitcoin reserve for the U.S. government, potentially acquiring 200,000 BTC seized from enforcement actions. This stance has ignited confidence in a pro-Bitcoin future, with figures like Dennis Porter, co-founder of the Satoshi Action Fund, declaring that the “anti-Bitcoin movement” in the U.S. is effectively “dead.”
Bitcoin Surges Past $76K in Massive Rally, Liquidating Nearly $400M in Shorts and Boosting Crypto Stocks
BTC/USDT price chart | Source: KuCoin
The election buzz has translated into a price rally for Bitcoin, which hit a new all-time high of $76,000 on November 7. This surge brought widespread gains, including a 31% jump in Coinbase’s stock, positioning it among the top gainers in digital asset-related stocks. This new price for BTC surpassed its previous record of $73,800 as Trump took an early lead. Although the price dipped slightly, sitting around $73,871 at the time of publication, the market’s optimism is clear. Bitcoin’s price action has remained highly volatile as investors watch the election results unfold, with early Associated Press data showing Trump leading with 198 electoral votes compared to Kamala Harris’s 112.
Analysts caution that volatility is likely to continue as the election outcome solidifies. Still, many see Trump’s pro-Bitcoin rhetoric as a driver for further gains. Trump has hinted at a more favorable regulatory environment for digital assets, which could catalyze future investment. The market’s positive response to his early lead demonstrates how deeply tied Bitcoin’s performance has become to U.S. political developments.
The rally resulted in a total of $592 million in liquidations from leveraged trading positions, according to CoinGlass data. A significant portion, around $390 million, came from short positions—bets that Bitcoin’s price would fall—making it the largest short squeeze in over six months. This event has intensified interest in the crypto market, signaling renewed momentum and potential volatility ahead for both digital assets and associated stocks.
Source: CoinGlass
Pump.fun’s Revenue Surges to $30.5 Million Amid AI and Memecoin Hype
Source: DefiLlama
While Trump’s win boosted Bitcoin, the decentralized token creation platform Pump.fun has also hit record revenue. The platform reached $30.5 million in October, marking a 111% rise over the previous month. This surge broke a two-month downtrend, driven by a wave of viral memecoins and a fresh “AI meta” trend on social media.
Memecoins based on popular internet memes surged on Pump.fun, led by tokens like MOODENG, which enjoyed significant price growth. However, the true standout was a new wave of AI-themed tokens, with many being “endorsed” by AI-driven Twitter accounts. Among these, the GOAT token, championed by AI agent @truth_terminal, hit a peak market cap of $920 million on October 24, becoming the highest-valued token to originate from Pump.fun.
Other tokens, such as GNON, fartcoin, and ACT, achieved market caps in the eight- and seven-figure range. Though many of these tokens have since lost over 50% of their peak values, the platform remains a hub for memecoin trading. The recent success of tokens like PNUT, inspired by a viral story of a pet squirrel, shows how quickly social media-driven trends can fuel the memecoin market.
Read more: Top Solana Memecoins to Watch in 2024
Conclusion
With Trump’s pro-crypto stance now in power, the U.S. may be on the verge of a crypto renaissance. His victory has already sparked positive momentum, evident in Bitcoin’s all-time high and the continued growth of memecoin platforms like Pump.fun. As new policies emerge, and with promises of regulatory reform, the crypto market anticipates significant changes that could shape its future.
From the White House to decentralized platforms, the next few years could bring unprecedented growth and innovation in the crypto landscape, with investors, traders, and enthusiasts eagerly watching the impact of Trump’s presidency on the market.
