Naturally, one would not expect the world of crypto and the field of politics to intercross so deeply. Still, somehow or perhaps somewhere, the two seem to have bonded so well that there’s no pulling them apart, and reports keep showing that they are only getting more and more intertwined.

One such report is the data revealed by TradingView, which shows that Bitcoin has hit a new price record of $75,397 on Binance. But this record was not achieved in isolation. Rising investor optimism about Donald Trump winning the US presidential election after some early election results came in on Tuesday contributed to it.

This impressive Trump-inspired Bitcoin performance has seen the world’s most valuable cryptocurrency break its record of $73,000, which was set in March when some new investment products linked to it began trading on Wall Street.

Although the full results have not been declared as of this writing, the odds of Trump winning is as good as certain on Polymarket, the investor's favorite crypto-betting site. 

In light of this, the jump in Bitcoin price comes as no surprise. Trump has long since been considered the most crypto-friendly option of the two major candidates. Kamala has no doubt been affected by the anti-crypto regime the current administration is known for. The government, which has orchestrated a severe crackdown on crypto companies under the banner of securities violations, is largely considered responsible for forcing many crypto companies out of the US.

Trump has significantly cashed in on this negative perception of the Biden administration. During his campaign, Trump promised to make America the “crypto capital of the planet.” Based on his many “crypto promises,” many believe a Trump victory would be the best thing for the crypto industry. 

In the wake of the crypto price jump, Bitcoin shorters have lost significantly. Pav Hundal, lead analyst at crypto exchange Swftyx, stated, "The spot market is flying, and shorts are getting rekt” in reaction to the reports that Bitcoin traders that bet on an election-induced price decline have been liquidated about $180 million.

Reports show that in the last 24 hours, liquidations in the crypto market, including Bitcoin, reached $483.2 million, and shorters were responsible for about $358.2 million. 

Bitcoin shorters were the largest by far among the total market shorters. On that day, Bitcoin shorters liquidated nearly $251 million, while the next highest group was Dogecoin shorters, with about $47 million liquidated. 

But despite this impressive price run from Bitcoin, many users seem to think there could eventually be something of a “post-election pump-and-dump” situation, and even Hundal has said that he would not be “at all surprised” if Bitcoin’s price takes a reset and corrects itself after the elections, regardless of the results.

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