Originally published on: November 06, 2024
In the world of cryptocurrency, new Bitcoin “whales” are emerging as significant investors stockpile the digital currency in anticipation of former President Donald Trump winning the 2024 election.
These whales have collected and transferred more than 1,806 Bitcoin, valued at a whopping $132 million, across 11 newly established cryptocurrency wallets. The movement of funds from the centralized exchange Binance was noted by the crypto intelligence platform Lookonchain in a recent report.
With the possibility of a Trump victory looming after the recent presidential election, investors are showing a growing interest in risk-on assets like Bitcoin. Trump’s projected victory, based on declarations from various sources including The Hill and Decision Desk HQ, has prompted a surge in Bitcoin’s value, reaching an all-time high of over $75,000 on Nov. 6.
Analysts believe that the increased price volatility following the election results is a crucial step towards the next phase of the bull market. Bitfinex analysts even anticipate a rally to $80,000 by the end of 2024, driven by the options market structure and the potential for a Republican win.
Bitcoin’s ability to maintain support above the key psychological level of $70,000 is seen as a positive sign for its long-term price trajectory. Additionally, the Crypto Fear & Greed Index has consistently shown levels of “greed” above 70, indicating a growing appetite for crypto assets in the event of a Republican victory.
The market sentiment has been shifting in favor of Trump, with the Polymarket odds reflecting a significant lead for the former President since early October. As the crypto market reacts to the evolving political landscape, experts are closely monitoring the impact of Trump’s potential reelection on the market.
For more insights on the intersection of Trump’s victory and the crypto market, be sure to tune in to the latest episode of the Rise’n’Crypto podcast from Cointelegraph. Stay informed and stay ahead in the ever-changing world of cryptocurrency investing.
