2024

Donald Trump

Bitcoin

As the voting numbers for the US elections showed Donald Trump was winning, crypto whales started gathering large volumes of Bitcoin (<a href="https://yellow.com/asset/btc">BTC</a>) from the crypto exchange Binance. More than 1806 BTC has been <a href="https://www.cryptotimes.io/2024/11/06/bitcoin-whales-withdraw-132m-btc-from-binance-amid-trumps-win/">withdrawn</a> from the crypto exchange. This whopping $132 million withdrawal was done through 11 new crypto wallets. 
DEX leaderboard Lookonchain flagged this on a Tweet today, saying that large crypto investors have bought high volumes of Bitcoin ahead of the Trump win in the 2024 US elections. Now that Donald Trump has emerged as the winner after major wins in Georgia, North Carolina and Pennsylvania, the appetite for Bitcoin is likely to surge. Earlier today, <a href="https://yellow.com/news/bitcoin-surges-past-record-dollar75000-as-markets-react-to-early-election-data">Bitcoin crossed its ATH</a> to touch the $75000 mark before going down to the $73000 level again. 
Most crypto investors, especially Bitcoin whales have seen high profits as BTC prices soared all through the last few weeks in the run-up to the US elections. Crypto traders have seen 2.6% profit as the Bitcoin price surged today which speaks of the market’s confidence in the US election results. 
Bitfinex analysts are saying that this is probably due to the options market positioning for a possible end-of-the-year rally where BTC is likely to touch $80,000 before 2024 ends. All call options for the $80,000 strike will expire on December 27 and hence investors are flocking towards it causing a spike in Bitcoin open interest. This shows the bullish sentiment of investors and traders. 
The bullish trend is further supported by Bitcoin successfully maintaining near the $70,000 mark, turning it into a support level for the digital asset which indicates that BTC will continue to rise through the price charts. This $70,000 support zone could be the stepping stone for the cryptocurrency’s bull cycle as it might result in increased volatility after the election, said analysts. 
The Crypto Fear &amp; Greed Index of Bitcoin is running above 70 which shows that crypto investors have the greed for BTC. This index is built on indicators like social media activity, market momentum and volatility. The “fear” rating of the Index has increased from the 32 score, in early October. This is in line with decentralized betting platforms like Polymarket predicting a Trump win earlier in October, causing a spike in the crypto market and leading to the current psychological shift of traders and investors. 
As of November 6 evening (after the announcement of the Trump win), Bitcoin is trading at $74,061.80, up 7.69% in the last 24 hours. The coin’s trading volume has increased 157% in the last 24 hours making it reach $106.54 billion while its market cap stands at $1.46 trillion.

Hours Before Donald Trump’s Win, Crypto Whales Withdrew $132M Bitcoin from Binance

Yellow News

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