Trump-Backed Crypto Surge Propels Bitcoin Towards $70,000 Amidst Market Frenzy

A Donald Trump Crypto Bombshell Has Suddenly Blown Up The Bitcoin Price

According to Forbes, the cryptocurrency market has been shaken by a new development involving former U.S. President Donald Trump. A newly launched cryptocurrency backed by Trump's World Liberty Financial project has caused a significant surge in bitcoin prices, pushing it towards $70,000 per coin from under $60,000 just last week. This comes as Michael Saylor of MicroStrategy unveils his ambitious $100 trillion "endgame" for digital assets.

The launch of this crypto initiative coincides with rising odds on platforms like Polymarket that predict Trump's potential return to the White House next month. Geoff Kendrick from Standard Chartered Bank notes that if Trump wins, there is a 70% chance of a Republican sweep which could further boost digital asset values. Additionally, over 220 million tokens were sold within minutes during its initial offering reported by Coindesk.

Sudden Bitcoin Price Spike Pushes Crypto Liquidations to $285 Million

Decrypt reports an unexpected spike in bitcoin's price reaching nearly $68,000 before quickly retracting back above $65,200 led to massive liquidations across futures markets totaling approximately $285 million over 24 hours. Short positions worth around $130 million were initially wiped out due to the sudden rise; however long position liquidations soon overtook them following rapid declines post-spike.

This volatility was fueled partly by investor enthusiasm surrounding recently approved exchange-traded funds (ETFs) linked directly or indirectly with cryptocurrencies such as Ethereum also experiencing similar fluctuations throughout trading sessions today, according to CoinGecko data analysis shared via Decrypt media coverage updates.

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