November 6, 2024

Congratulations to Trump for successfully defending his title. This is good news for the cryptocurrency community, because in order to win votes, Trump has repeatedly expressed in public that he will implement crypto-friendly policies, including getting the current SEC chairman out of office and commuting the sentence of the Silk Road founder. Of course, every candidate will write a blank check for votes, and even at the end of the term, they will not all be cashed, but overall, there is great hope for the next crypto-friendly policy, and it will be better than Harris taking office.

As predicted before, if Trump is elected, the price of Bitcoin will reach a new high, reaching a maximum of US$75,400, officially setting a new historical record. This is a historic day for Trump, the United States and even the people of the world. For Bitcoin and even cryptocurrencies, it is also a new milestone. From a code that started with a few cents to more than 500,000 RMB per coin, 16 years later, it can even be linked to the US presidential election. This is the most direct proof that the fire of hope continues to burn.

However, after the madness, we still need to remind everyone to treat this wave of market rationally. According to previous expectations, the new high of Bitcoin after Trump's election is likely to be a false breakthrough. After all, there are still a few months before Trump takes office, and it is hard to say whether he will fulfill his promise. Generally speaking, there will be a reasonable retracement after the emotions dissipate. Bitcoin has reached a new high, but overall it is not considered a breakthrough pressure, so you can reduce your position.

In this wave of market, in addition to the new high of Bitcoin, there are several special phenomena. The first is that DOGE performed strongly, which was also mentioned yesterday. Because Musk is all in Trump, this wave of Musk concept coins also rose, but it can also be treated as an increase driven by emotions. The second is that the Ethereum exchange rate has hit a new low. The capital behind Ethereum has not yet signaled a counterattack. It is expected that the exchange rate will be further lowered. Just be patient and build a position. The third is that Binance launched COW and Cetus today, both of which are DeFi sectors. Affected by this, DeFi also rose today. It may be a signal. It is recommended to pay more attention in the near future.

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