Volatile Bitcoin Week: Crypto Liquidations Surge to $350M as Bitcoin Struggles Near $69,000 Amid Election Concerns
As Bitcoin momentarily fell below $69,000, cryptocurrency market liquidations nearly reached $350 million, and traders appeared uneasy ahead of the US presidential election on November 5. CoinGlass reports that on Nov. 3, a total of $349.8 million was liquidated among $259.7 million long bets and $90.1 million short bets. Since October 25, when Bitcoin could not maintain a rise above $70,000, it was the largest day of liquidations to date.
The price of Bitcoin has fluctuated significantly over the last seven days, beginning at about $67,700 on October 28 and rising to about $73,300 on October 29 before falling over the following several days to a low of $67,719 on November 3. According to CoinMarketCap, it recovered swiftly and is currently trading at $68,468.
Bitcoin Volatility Mirrors Tight Race Between Trump and Harris on Polymarket
The volatility in Bitcoin’s price has coincided with a tightening of the odds between US presidential candidates Donald Trump and Kamala Harris on the cryptocurrency-specific betting site Polymarket. With his odds of victory reaching a height of 67% on October 30, Trump surpassed Harris as the clear favorite on Polymarket in early October. Now that has been sharply corrected to 56%.
Trump has pledged, among other things, to remove Securities and Exchange Commission Chair Gary Gensler and turn the US into the world capital of crypto. For this reason, the crypto industry sees the Republican as the more amiable potential president. A more measured stance on cryptocurrency has been adopted by Democratic Party candidate Harris, who stated in her speech to Black male voters that she would be in favor of a regulatory framework for the industry.
Trump Win Could Propel Bitcoin to $100K, While Harris Victory May Trigger Drop
Polling data now more closely matches Trump’s winning odds on Polymarket, which indicates that he and Harris are virtually tied. Harris had a 0.9 percentage point advantage on November 3, according to FiveThirtyEight statistics. If Trump wins, some traders have predicted that Bitcoin might reach $100,000. However, Bernstein analysts have stated that a Harris victory could cause Bitcoin’s price to drop sharply by the end of the year. Cryptocurrency trader Daan Crypto Trades forecast that, depending on the outcome of the election, Bitcoin would experience at least a 10% move in either direction.
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