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.
Sponsored
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.

This bullish momentum put pressure on shorters, with Coinglass data showing $310 million in liquidations for shorts on November 6.

Reflecting this shift, the long-short ratio rose to 1.0585, marking the first instance since October 29 where buy volume outpaced sell volume, underscoring renewed optimism across the market as Trump secured a second term.
Trump’s Crypto Pledges
BlackRock CEO Larry Fink recently stated that crypto’s future looks bright regardless of who wins the election, yet many Republican supporters see Trump’s victory as a pivotal moment for the industry.
Crypto advocates now anticipate the implementation of pro-crypto policies that could propel the US digital asset industry forward under Trump’s leadership.
During Trump’s election campaign, several pledges were made to support crypto including the formation of a national Bitcoin reserve , the removal of SEC chair Gary Gensler, though it remains unclear if a president has the authority to make such a direct change, and favorable Bitcoin mining policies .
On the Flipside
- Bitcoin hit a new $75,400 all-time on November 6.
- Trump previously stated that crypto is “based on thin air.”
- Gold fell 1.5% while the DXY soared to an 18-week high of 105.313.
Why This Matters
While short sellers nurse their wounds, the crypto industry watches if Trump delivers on his campaign promises.
Trump’s election campaign pulled in millions in crypto donations.
Here’s How Much Crypto Donations Have Poured in to Back Trump
Binance donates to support Valencia flood victims.
Binance Donates $3M as Valencia Flood Victims Express Rage
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.
You may also like
Core Scientific Nets $580M in Q1 Despite Revenue Miss, Eyes AI and HPC Future
Nasdaq-listed Bitcoin miner Core Scientific Inc. has reported a net income of $580 million for the first quarter of 2025, more than double the $210 million recorded during the same period last year. However, the firm fell short of analyst expectations for revenue, signalling the growing impact of industry shifts and operational transformation.

Federal Reserve’s Tight Policy Affects Bitcoin Growth

[Initial Listing] Bitget Will List Doodles (DOOD). Come and grab a share of 7,250,000 DOOD !
SEC Settles Lawsuit with Ripple and Executives

Trending news
MoreCrypto prices
More








