Crypto News

Bitcoin Hits Historic $75K High On Election Night As Pro-Crypto Sentiment Soars

Bitcoin’s market value has reached an all-time high of $75,000, driven by the momentum surrounding the U.S. election night.

As election results started to show a lead for Donald Trump, a perceived pro-crypto candidate, Bitcoin saw a rapid surge in both price and positive sentiment.

Across social media, comments are overwhelmingly optimistic, with 5.5 positive comments for every negative one, suggesting FOMO is running high as traders anticipate even greater gains.

The excitement hit its peak late last night when Trump appeared poised to become the 47th U.S. president, a scenario that has fueled hopes for a crypto-friendly administration. Now, though, as Bitcoin briefly stabilized at $75K about 15 hours ago, there are some signs that traders fear this might be the highest level for now. Ironically, this cautious sentiment could drive further upward momentum if doubts fuel a new wave of buying pressure.

Whales’ Accumulation Rises, ETFs Data Comes In

Meanwhile, whales have begun accumulating Bitcoin aggressively. In the past hour, 11 new wallets withdrew 1,807 BTC (worth $132 million) from Binance, highlighting ongoing interest from major investors. One prominent whale, in particular, is betting big on BTC’s future value, securing a long position by borrowing $27 million on Aave to acquire 366.31 WBTC at an average of $73,708.

The Bitcoin market, however, is seeing mixed signals. On November 5, the Bitcoin spot ETF experienced a $117 million net outflow, indicating that some investors are taking profits amid the price rally. For now, as long as fears of a peak persist and traders continue to hold or buy, Bitcoin’s trajectory could remain bullish. As election results unfold and sentiment sways, Bitcoin’s price could see significant volatility, underscoring the heightened speculation surrounding this historic moment for crypto markets.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: igorigorevich/123RF // Image Effects by Colorcinch

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