As a seasoned researcher with a decade of experience in the cryptocurrency market, I have witnessed numerous unexpected turns and trends, but none quite like this. The rapid accumulation of Bitcoin by large investors, or “whales,” following Donald Trump’s historic comeback victory in the US presidential election is nothing short of intriguing.
It appears that significant Bitcoin (BTC) holders, often referred to as “whales,” are aggressively buying the digital currency following Donald Trump’s surprising victory in the U.S. presidential election, which many labeled a remarkable turnaround.
Based on the most recent data from U.S. elections, Donald Trump accumulated 277 votes in the Electoral College. Meanwhile, an analysis by the on-chain service Lookonchain disclosed that significant cryptocurrency investors, often referred to as “whales,” withdrew approximately 1,807 Bitcoin (around $132 million) from Binance, the leading digital currency exchange.
Eleven digital wallets chose to withdraw their crypto holdings from the primary exchange when data hinted that Donald Trump might win the election, even though the outcome had not been officially verified at that point.
It appears that whales are amassing Bitcoin! In the past hour, eleven new wallets withdrew a total of 1,807 Bitcoin (approximately $132 million) from Binance. Here are some of the addresses where the Bitcoin was sent:
— Lookonchain (@lookonchain) November 6, 2024
Last night, according to reports, the price of Bitcoin spiked to an unprecedented peak due to Republican presidential candidate Donald Trump’s success in crucial battleground states. This surge brought the BTC price above its previous record of $73,800 set in March, reaching a new high of $75,390.26 following speculation about Trump’s potential electoral triumph.
After-hours trading on Robinhood observed a surge of over 15% in Coinbase’s stock price, an increase beyond initial expectations. Additionally, forecasts indicate that Republicans could retake control of the majority in the U.S. Senate.
It was widely believed that a victory by Donald Trump would likely increase Bitcoin’s value, as he has shown a strong affinity towards the cryptocurrency industry. This could potentially lead to an enhancement in the regulatory environment due to reduced ambiguity and the appointment of pro-crypto officials to crucial roles, such positions possibly including more supportive views on digital currencies.
Following U.S. presidential elections, it’s worth noting that Bitcoin’s value has historically surged. For instance, within 90 days following the elections in 2012, 2016, and 2020, Bitcoin’s returns were impressive at 87%, 44%, and an astounding 145%.
Experts predict that the value of Bitcoin could continue to increase, potentially reaching approximately $80,000 in the coming period. Similarly, other digital currencies experienced substantial growth following Trump’s election, with Solana experiencing a rise of over 14% and DOGE witnessing an impressive surge of 19.4%.
The cost of a single Bitcoin has experienced a minor adjustment and is currently being exchanged for around $74,000, resulting in a total market value of approximately $1.46 trillion following an increase of over 7.6% within the past day.
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2024-11-06 15:13