The cryptocurrency community reacted positively to Donald Trump’s win in the U.S. presidential election, with Bitcoin reaching a new all-time high of $75,400.

New Drivers for the Crypto Market

Trump’s known support for digital assets may signal changes to U.S. regulatory policy that could foster growth in the cryptocurrency industry. Blum CEO Gleb Kostarev highlighted that Trump’s promises to reform the SEC’s approach could ease pressure on the sector and attract more institutional investors.

“If the Trump administration follows through on its promises, it could result in a significant capital influx into crypto assets, solidifying their role in the global economy,” Kostarev said, adding that political instability could also increase market volatility.

Bitcoin’s Trajectory

Ryan Lee, Chief Analyst at Bitget Research, noted that the U.S. elections are just one of several factors influencing Bitcoin’s price. He pointed to the upcoming FOMC meeting on November 7, where further rate cuts could have a positive impact on risk assets, including cryptocurrencies.

“Rate cuts signal easing inflation and could boost investor appetite for risk assets,” Lee commented.

Potential Bitcoin Levels

According to Tehnobit CEO Aleksandar Peresichan, Bitcoin’s price could experience significant volatility in the coming days. He forecasted a potential rise to $76,500–$78,000, but warned of a possible correction that could bring the price back to $70,000.

Trader Vladimir Cohen added that Bitcoin’s recent price surge was driven by pre-election speculation and investor expectations.

“Following the November 7 FOMC meeting, sentiment may shift, and we could see a correction,” he noted.

Whale Activity

Lookonchain analysts reported that large holders are accumulating Bitcoin. In recent days, 11 new wallets withdrew 1,807 BTC (approximately $132 million) from Binance. One major holder borrowed $27 million from Aave to purchase 366.31 WBTC, leveraging a recursive borrowing strategy.

Short Position Liquidations and Current Price

Data from CoinGlass shows that short positions worth over $217 million were liquidated in the past 24 hours. Bitcoin is currently trading at approximately $74,392.