Following Donald Trump's victory in the US election, the value of several crypto assets rose on Wednesday, Reuters has reported.
This was especially true for Bitcoin, which hit an all-time high of $76,000, fueled by optimism that the new administration will create a more favorable environment for digital assets in the country.
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Ether also soared, nearly reaching $2,700.
The rise in cryptocurrency prices triggered $592 million worth of liquidations of leveraged derivatives trading positions across all assets, most of which were leveraged short positions betting on lower prices.
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This is the largest reduction in short positions in six months.
In addition to digital assets, shares of crypto companies also saw a revaluation, with Coinbase leading the way with a 31% rise.