Business
Bitcoin surges as Trump clinches victory in US election
Bitcoin surged above a new record high of above $75K as Donald Trump trashed Kamala Harris to emerge as America’s 47th President.
The flagship coin surged over 8 percent in the last 24 hours to reach a new all-time high of about $75,358, before retracing to around $74,461 on Wednesday, November 6, during the early London session.
The total crypto market cap surged over 6 percent to hover about $2.58 trillion at the time of this report.
READ ALSO: Bitcoin price falls as traders brace for US presidential election
As a result, more than $531 million was rekt (a situation where cryptocurrency trader is utterly ruined and destroyed due to losses from a recent price crash) from the crypto leveraged market, mostly involving the short traders on Bitcoin and Dogecoin.
According to on-chain data analysis by Lookonchain, a single whale investor lost over $74 million for attempting to short Bitcoin as it reached an all time high ATH.
By: Babajide Okeowo
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