Trump-Led Market Rally Wipes Out Crypto Bears Overnight
- Trump secured the presidential race.
- Crypto markets rallied in response.
- Short sellers were caught off guard.
Donald Trump reclaimed the US presidency for a second term, declaring victories in pivotal swing states like North Carolina, Pennsylvania, and Georgia. This has sparked a major rally in the crypto market, with investors eyeing the potential for a pro-crypto administration.
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In response, the total crypto market cap surged by $270 billion, delivering double-digit gains across most of the top 100 tokens. Meanwhile, short sellers have taken a hit, facing large-scale liquidations as bullish sentiment sweeps through the market.
Short Sellers Get Burned
With Trump winning a second presidential term, crypto markets surged in anticipation of a pro-crypto administration. The total crypto market cap hit a 15-week high of $2.48 trillion as of Wednesday morning (GMT) in response.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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