CDS Crypto News Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides
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Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

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Bitcoin Liquidations Spike Over $150M in Longs Wiped Out as Price Slides

Bitcoin Liquidations Spike as Market Braces for FOMC and U.S. Election

Bitcoin Liquidations Spike as Market Braces for FOMC and U.S. Election

As the price of bitcoin fell more than 4% from a peak of more than $71,000 on Friday to currently hovering near $68,500, cryptocurrency exchanges saw a spike in extended liquidations of traders’ positions over the weekend. According to Coinglass statistics, the majority of the liquidations, which totaled over $230 million over the last day across centralized exchanges, were long positions worth over $150 million that were liquidated when prices declined. With about $51 million liquidated in the last 24 hours, Bitcoin was the most liquid cryptocurrency.

The sideways price movement of bitcoin and the decline of leveraged perpetual futures positioning across exchanges, from $30 billion to $26 billion, indicate a cautious market, according to analysts at QCP Capital. Anticipation for this week’s major events, such as the Federal Open Market Committee (FOMC) meeting on Thursday and the U.S. presidential election on Tuesday, is probably the cause of this caution.

Polymarket Odds Favor Trump at 55% as Bitcoin Options Demand Surges Pre-Election

Donald Trump and Kamala Harris are in a close fight in the U.S. presidential election that is scheduled for this Tuesday; the odds on Polymarket are approaching recent survey forecasts. Trump’s odds have drastically decreased from 66% a week ago, even though Polymarket still gives him a 55% chance of victory.

On the other hand, as the appetite for upside exposure grows, QCP Capital sees a rise in the purchase of $75,000 call options that expire at the end of November. Analysts observed that options tied to election day have also increased, with implied volatility rising.

We expect the spot price of bitcoin to chop around the current range until we get more clarity on the election results this week, where a Trump win is likely to cause a knee-jerk reaction higher, and vice versa if Kamala wins,

the QCP Capital analysts

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Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides
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lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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