Bitcoin broke a new record of $75,000

Bitcoin hit a new all-time high, surpassing the $75,000 mark on cryptocurrency exchanges Binance and Coinbase on Wednesday morning. The jump came on the back of Republican candidate Donald Trump’s success in early voting in the US, with results starting to come in during the Asian morning hours. According to betting platform Polymarket, the probability of Trump winning the presidential election has reached 85%, which is viewed favorably by the crypto community compared to Democratic Party candidate Kamala Harris, who is not considered particularly loyal to cryptocurrencies.

Short liquidations and a premium on Coinbase

BTC’s surge is partly due to the liquidation of $94 million in short positions and hedged bets, according to Coinglass data. In addition, the price of Bitcoin on Coinbase is trading at a premium, indicating an increase in demand for the asset in the US.

DOGE surges amid support from Ilon Musk

While Bitcoin is surging, Dogecoin (DOGE) is also performing strongly, with the token’s price up nearly 20% since the start of the week, extending its monthly gain to 65%. During the last 24 hours, $30 million worth of short positions on DOGE were liquidated, indicating that losing bets are being closed. The number of open futures positions on DOGE rose to 8.3 billion tokens, up from 7 billion at the beginning of the week, indicating strong interest in further movements of the token in the market.

Part of Dogecoin’s rise is attributed to the support from Elon Musk, who, as part of the Republican election campaign, proposed the creation of a government spending efficiency agency with the acronym D.O.G.E, which clearly alludes to the token’s name. Against that backdrop, the parody token D.O.G.E on the Ethereum blockchain has surged 77% in the past 24 hours and 500% since CoinDesk first analyzed it, which noted demand for the meme currency.

Rising interest in sector tokens

The favorable sentiment towards DOGE was also reflected in other dog-themed tokens, with shiba inu (SHIB), floki (FLOKI), and bonk (BONK) tokens rising more than 10%. Overall, the sector’s tokens rose 16% on average, outperforming the 7.2% rise in the main CoinDesk 20 (CD20) index.

The sector’s tokens rose 16% on average, outperforming the 7.2% rise in the main CoinDesk 20 (CD20) index.