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.
đ„ł Bitcoin's market value has jumped approximately +5.4% in the past 3 hours alone on US election night, and has officially hit an all-time high of $75K. Comments suggest this pump is very much related to more perceived pro-crypto candidate, Donald Trump, seeing an early lead as⊠pic.twitter.com/HBEGHjv0OT
— Santiment (@santimentfeed) November 6, 2024
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.
đ§ The trader euphoria toward crypto appears to have peaked during the late US hours when traders recognized the likely outcome of Trump being elected as the 47th US president.
For now, the FOMO has settled down mildly after Bitcoin topped at $75K approximately 15 hours ago.⊠pic.twitter.com/fvPdKEmazC
— Santiment (@santimentfeed) November 6, 2024
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 BTCâs future value, securing a long position by borrowing $27 million on Aave to acquire 366.31 WBTC at an average of $73,708.
Whales are accumulating $BTC!
11 fresh wallets withdrew 1,807 $BTC($132M) from #Binance in the past hour.
Address:
bc1qp8ahkl9g28grz4f44ljs2ukjccx6q5yxez7nt4
bc1q76yr34th8ngnxj0pjs9d9vtxrtlyu07y3lsspj
bc1q2vw84cghpyg463g8w4uz734uxl7wstvsemgcec⊠pic.twitter.com/ZpP2qhXiHT— Lookonchain (@lookonchain) November 6, 2024
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, Bitcoinâs trajectory could remain bullish. As election results unfold and sentiment sways, Bitcoinâs price could see significant volatility, underscoring the heightened speculation surrounding this historic moment for crypto markets.
On November 5, the Bitcoin spot ETF had a total net outflow of $117 million. The Ethereum spot ETF had a total net inflow of $0.00 yesterday. https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) November 6, 2024
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
