Bitcoin

Bitcoin Price Flirts With a New ATH, Leaving Over $100 Million Shorts Liquidated

1 Mins read

Bitcoin’s price seems to be on the verge of achieving a new all-time high in a massive rally leading up to the US Presidential elections.

The price managed to get as high as $73,600, which is less than $200 away from a new peak.

BTCUSD_2024-10-29_21-28-18
Source: TradingView

This has caused considerable turmoil in the derivatives market, leaving over $110 million worth of short positions underwater. At the time of this writing, the price has now retraced below $73,000, trading at an increase of over 4.2% during the past 24 hours alone.

It’s also worth noting that the total trading volume for spot Bitcoin ETFs in the US today reached a whopping $3 billion.

This rally comes days before the country’s most important political event: the presidential elections, which are scheduled for November 5th.

As CryptoPotato reported earlier today, volatility is somewhat expected amongst market participants, given the importance of the election outcome. Currently, Donald Trump remains a heavy favorite on Polymarket.

Screenshot 2024-10-29 at 21.35.25
Source: Polymarket
SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!


Source link

Related posts
Bitcoin

Crypto Analyst Blasts 160% Breakout Alarm For This Meme Coin – It's Not Dogecoin Or Shiba Inu

2 Mins read
The crypto industry is reveling in bullish sentiment, with most meme coins also participating in the action. Notably, a crypto analyst on…
Bitcoin

Avalanche Nears Breakout – Top Analyst Sets $420 Target For AVAX This Cycle

2 Mins read
Este artículo también está disponible en español. Avalanche (AVAX) has surged over 40%, reaching a critical supply level that, if broken, could…
Bitcoin

Sunday Shockwave: Bitcoin’s $80K Surge Triggers Massive $430M Crypto Liquidation

1 Mins read
As bitcoin and ether climb steadily, driving the crypto economy upward, a wave of liquidations has swept through the crypto derivatives markets….

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *