Large Bitcoin (BTC) investors, colloquially known as whales, are seemingly accumulating the cryptocurrency at a rapid pace as Republican candidate Donald Trump has won the US presidential election in what was deemed a “historic comeback.”
As the latest US elections data shows Trump secured 277 Electoral College Votes, on-chain analysis service Lookonchain has revealed that cryptocurrency whales withdrew 1,807 BTC worth around $132 million from leading cryptocurrency exchange Binance.
These 11 wallets withdrew their funds from the leading cryptocurrency exchange as data suggested Trump was set to secure the election, although it wasn’t yet confirmed.
As reported, the price of Bitcoin surged overnight to a new all-time high as Republican presidential candidate Donald Trump secured key victories in swing states. BTC surpassed its $73,800 record seen in March over the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States, to reach a new $75,390.26 all-time high over Trump’s expected victory in the elections.
Nasdaq-listed cryptocurrency exchange Coinbase saw its stock price rise more than 15% in after-hours trading on Robinhood over the projections, which also show that Republicans are set to regain a majority control of the U.S. Senate.
A Trump victory was widely expected to help boost Bitcoin’s price, as the former U.S. President has expressed strong support for the cryptocurrency sector, meaning the regulatory outlook could improve through the reduction of regulatory ambiguity and the appointment of more crypto-friendly officials to key positions, for example.
Bitcoin’s price, however, has been known to rally after U.S. presidential elections, having seen 90-day returns of 87%, 44%, and 145% after the elections in 2012, 2016, and 2020, respectively.
Analysts now believe the price of Bitcoin is set to keep on rising to trade around the $80,000 mark in the near future. Other digital assets also saw significant rises over Trump’s victory, with Solana rising more than 14% and DOGE surging 19.4%.
Bitcoin’s price has since endured a slight correction and is now trading at $74,000 per coin, leading to a $1.46 trillion market capitalization after rising more than 7.6% over the last 24-hour period.
Featured image via Unsplash.
