Bitcoin (CRYPTO: BTC) surged to a new all time high of $75,358 on Wednesday during European trading hours, with market experts projecting further gains up to $120,000 amid expectations of crypto-friendly policies under Donald Trump‘s presidency, according to multiple industry leaders.
What Happened: Donald Trump has won the 2024 U.S. presidential election, defeating Democratic contender Kamala Harris.
After a tightly contested race, Trump emerged as the victor, securing his return to the White House.
After peaking in early European trading, Bitcoin retraced slightly to $74,210, still up 6.5% for the day, according to CoinGecko data.
Ethereum (CRYPTO: ETH), the second-largest cryptocurrency, also gained 8%, however, still down 46% from its all time high, last seen on Nov 10, 2021.
The broader market capitalization rose by 4.2% to $2.58 trillion on Wednesday, reflecting strong interest in digital assets amid shifting political and economic conditions.
The rally has spurred intense trading, with $560.76 million in liquidations over the past 24 hours, including $188.55 million in long positions and $372.37 million in short positions, CoinGlass data shows.
What Experts Think: In a note sent to Benzinga, Raj Karkara, COO of ZebPay, said Bitcoin’s latest high marks a milestone in its maturity as an asset.
“Bitcoin reaching a new record high is a groundbreaking milestone that underscores the strength and maturity of the crypto market,” he said.
Karkara highlighted Bitcoin’s increasing appeal among investors seeking a “mainstream store of value” and a tool for financial autonomy and wealth preservation.
Experts are closely watching the impact of the U.S. presidential election on market dynamics, with several anticipating a Trump victory could bolster …
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