Bitcoin Soars Past $75K as Trump Gains Traction in Polls

On Wednesday, Bitcoin surged to an unprecedented high of over $75,000 on major crypto exchanges including Binance and Coinbase. This increase coincided with favorable election results for the crypto-friendly Republican candidate, Donald Trump.

Bitcoin's Performance

• Bitcoin (BTC) experienced a 7.5% increase in the last 24 hours, with a significant rise occurring in the last two hours as Trump’s odds on the betting marketplace Polymarket soared to 85% for winning the U.S. presidency.
• Traders are optimistic about a potential Trump victory, viewing it as beneficial for the cryptocurrency industry compared to the Democratic candidate, Kamala Harris, who is not perceived as supportive of crypto.

Market Dynamics

• A substantial factor contributing to Bitcoin's spike was a $94 million liquidation of bearish bets against the asset, according to Coinglass data.
• Additionally, Bitcoin is currently trading at a notable premium on Coinbase, indicating a resurgence of demand in the U.S. market.

Dogecoin's Surge

• Dogecoin (DOGE) has also seen remarkable growth, rising nearly 20% since Tuesday, with 30-day gains exceeding 65%, making it the top-performing major cryptocurrency.
• Over the past 24 hours, DOGE futures recorded more than $30 million in short liquidations, suggesting that the price movement was partly driven by traders covering losing bets.
• The open interest for DOGE futures has increased to 8.30 billion tokens, up from 7 billion on Monday, reflecting strong demand and expectations for further market fluctuations.

Elon Musk's Influence

• DOGE's recent rise is attributed to renewed endorsements from technology entrepreneur Elon Musk, who is promoting a Department of Government Efficiency (D.O.G.E) as part of the Republican campaign, cleverly referencing the token.
• A parody D.O.G.E token on Ethereum has surged 77% in the last 24 hours and has increased by 500% since it was first highlighted in a CoinDesk analysis.

Broader Market Trends

• The bullish sentiment for DOGE appears to be influencing other dog-themed tokens, with shiba inu (SHIB), floki (FLOKI), and bonk (BONK) all rising over 10%.
• Overall, dog-themed sector tokens have gained an average of 16%, outperforming the broader CoinDesk 20 (CD20) index, which rose by 7.2%.

Election Insights

• Early voting trends from the Associated Press indicate that Trump is winning in states like Kentucky, Florida, and West Virginia, leading the electoral map with 198 votes to Kamala Harris's 99.