Daily News | BTC Hit New Highs after Trump's Election Victory, US Stock Market Achieved Best Post-election Performance in History

2024-11-07, 04:39

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## Crypto Daily Digest: BTC ETFs resumed large inflows, with over 140,000 people selling positions across the entire network in the past 24 hours
According to Farside Investor data, the net inflow of US <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs was $622 million yesterday, including a net outflow of $68.31 million from IBIT, $308.77 million from FBTC, and $127 million from ARKB.

Yesterday, the US <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs received $52.3 million in inflows, including $26.9 million from Fidelity FETH and $25.4 million from Grayscale ETH.

**Over the past 24 hours, the entire network experienced a stock explosion of $613 million, with over 140,000 people selling positions**

According to Coinglass data, in the past 24 hours, there has been a total of $613 million in online liquidation, including $428 million in short positions. In addition, a total of 142,735 people have been liquidated in the past 24 hours, with the largest single liquidated order worth $74.9828 million.

**US stock market achieved best post-election performance in history, with crypto concept stocks leading gains**

According to market information, the US stock market has achieved its best post election performance in history, with the S&P 500 index hovering around 5,930 points, setting its 48th historical high since the beginning of the year. The Nasdaq 100 index rose 2.7%, setting a record for the first time since July. The Dow Jones Industrial Average rose 3.6%.

In addition, crypto concept stocks have shown outstanding performance, with MicroStrategy up 13.17%, Coinbase up 31.11%, and Tesla up 14.75%. It is worth noting that the Trump Media Technology Group (DJT) rose but fell back, with a closing increase of only 5.94%.

**If BTC falls below $72,000, the cumulative liquidation strength of mainstream CEX orders will reach 1.777 billion**

According to Coinglass data, if <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> falls below $72,000, the cumulative liquidation strength of mainstream CEX orders will reach 1.777 billion. On the contrary, if <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> breaks through $75,000, the cumulative liquidation strength of mainstream CEX short orders will reach 339 million.

The liquidation chart shows to what extent the target price will be affected when it reaches a certain position. A higher 'liquidation column' indicates that the price will have a stronger reaction due to the wave of liquidity once it arrives.

## Market Trends: BTC hit a new historical high, with PNUT, NEIRCTO, and others experiencing significant gains
### Market Hotspots
The Meme sector saw a significant increase in PNUT, NEIROCTO, MOODENG, LUCE, among others. PNUT has been repeatedly mentioned by Musk on Twitter, as if seeing the shadow of FLOKI from the previous bull market, which has also been mentioned by Musk multiple times. After a sharp rise, the established meme leader DOGE experienced a slight decline, with funds overflowing into other small market memes such as NEIROCTO, which surged 50% and currently has a circulating market value exceeding $900 million;

The well-established DeFi tokens UNI, <a  rel="nofollow noopener noreferrer"  href="/price/aave-aave" target="_blank" class="blog_inner_link">AAVE</a>, LDO, ENA, etc. have surged, benefiting from Trump's campaign promise before his election as US President to dismiss SEC Chairman Powell, who was previously unfriendly to cryptocurrencies. In the potentially more relaxed regulatory environment, established DeFi protocols such as UNI and <a  rel="nofollow noopener noreferrer"  href="/price/aave-aave" target="_blank" class="blog_inner_link">AAVE</a> may distribute protocol revenue dividends to token holders, boosting market confidence with dividend expectations;

Political memes related to the US presidential election, such as MAGA, TRUMP, FIGHT, etc., have experienced a sharp decline, and the market has not been as expected. If Trump is elected, these tokens will be favored by more funds. Memes related to Trump's concept and Harris' concept have also plummeted. After the election results are confirmed, it can be considered as the completion of the expected political meme hype mentioned above, and there will be no more related hot topics in the market.

### Mainstream Coins
BTC reached a new historical high, breaking through $76,000 at one point. The BTC ETFs saw a huge daily inflow, and Trump's election as the President of the United States gave the market great confidence;

ETH surged by 10%, and with expectations of a better macro environment, ETH ETFs also experienced significant inflows of funds, boosting ETH prices;

Altcoins are generally rising, with new meme coins such as GOAT and NEIROCTO leading the market trend.

## Macro news: US stocks soar across the board, with the Fed almost certain to cut interest rates by 25 basis points
The three major indexes of the US stock market have all exploded, with the S&P 500 index rising 2.53% to 5,929.04 points; The Dow Jones Industrial Average rose 3.57% to 43,729.93 points; The Nasdaq index rose 2.95% to 18,983.46 points. The benchmark 10-year Treasury yield is 4.42%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 4.27%.

Trump announced his election as the new President of the United States, who may have a more relaxed economic environment during his term. The US stock market surged across the board, with the three major stock indexes all rising by over 2%, and the Nasdaq even rising by over 3.5%. Affected by the US presidential election and winter time, the Federal Reserve will announce its interest rate decision at 03:00 am Beijing time on Friday, November 8. Market data believes that the Fed's 25 basis point interest rate cut is almost certain.

<div class="blog-details-info">
<div>Author:**Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions. All investments carry inherent risks; prudent decision-making is essential.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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