Bitcoin (BTC) Price Rallies to New All-Time High Above $75K as World Leaders Congratulate Donald Trump as the Winner and President-Elect in the 2024 US Election

The flagship cryptocurrency has since retraced below $74k, but its sharp surge had over half a billion dollars liquidated.

Bitcoin price hit a new all-time high above $75,000 on Monday as world leaders began to congratulate Donald Trump on his victory in the 2024 US election.

With Trump taking a decisive lead and securing key wins in Pennsylvania, Georgia and North Carolina, pushing his Electoral College votes past the 270 mark, BTC price surged rapidly, breaking past the $75,000 resistance to hit a new all-time high at $75,400.

Bitcoin price quickly retraced after hitting the new all-time high, and the sharp surge in price saw over half a billion dollars liquidated. According to Coinglass, 124,734 traders had their positions liquidated in the past 24 hours, with total liquidations amounting to more than $557 million.

BTC liquidations stood at over $273 million, and more than 70% of that — $211 million — was in shorts.

Cryptocurrency is overall bullish on a Trump presidency, and analysts say that dips in the coming months will offer good opportunities to buy the dips.

Trump, who is known for his pro-crypto stance, has also won the support of the crypto industry. As the election cycle nears its end, the key takeaway for the crypto industry is that the most “pro-crypto” candidate has emerged victorious.

World leaders, including Israeli Prime Minister Benjamin Netanyahu, India’s Narendra Modi and El Salvador President Nayib Bukele, have congratulated Trump on his victory.

Dear Donald and Melania Trump,

Congratulations on history’s greatest comeback!

Your historic return to the White House offers a new beginning for America and a powerful recommitment to the great alliance between Israel and America.

This is a huge victory!

In true friendship,… pic.twitter.com/B54NSo2BMA

— Benjamin Netanyahu – בנימין נתניהu (@netanyahu) November 6, 2024

The US president-elect has also given a victory speech.

But as the market celebrates, it remains to be seen whether Trump will fulfill the pledges he made during the campaign. These include two promises for “day one” in office: firing US Securities and Exchange Commission Chair Gary Gensler and commuting the sentence of Ross Ulbricht.

Last night, Donald Trump pledged to commute my sentence on day 1, if reelected.

Thank you. Thank you. Thank you.

After 11 years in prison, it is hard to express how I feel at this moment. It is thanks to your undying support that I may get a second chance.

— Ross Ulbricht (@RealRossU) May 26, 2024

He also said he’d make the US the world’s BTC mining hub, supporting a strategic Bitcoin reserve effort and never allowing the creation of a central bank digital currency (CBDC).

Despite these promises, industry experts say a Trump White House will be more supportive of crypto in general. The number of pro-crypto Senate and House Representatives has also increased significantly, suggesting that the path to regulatory clarity has likely opened up.