Trump-Led Market Rally Wipes Out Crypto Bears Overnight
- Trump secured the presidential race.
- Crypto markets rallied in response.
- Short sellers were caught off guard.
Donald Trump reclaimed the US presidency for a second term, declaring victories in pivotal swing states like North Carolina, Pennsylvania, and Georgia. This has sparked a major rally in the crypto market, with investors eyeing the potential for a pro-crypto administration.
Sponsored
In response, the total crypto market cap surged by $270 billion, delivering double-digit gains across most of the top 100 tokens. Meanwhile, short sellers have taken a hit, facing large-scale liquidations as bullish sentiment sweeps through the market.
Short Sellers Get Burned
With Trump winning a second presidential term, crypto markets surged in anticipation of a pro-crypto administration. The total crypto market cap hit a 15-week high of $2.48 trillion as of Wednesday morning (GMT) in response.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Arca to create ‘one-stop shop’ for investors after BlockTower merger
Arca CEO Rayne Steinberg talked to Blockworks about how the two made the decision to merge and their plans moving forward
Former NBA star O'Neal agrees to pay $11 million to settle NFT lawsuit