Donald Trump

Bitcoin

Million

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.
<figure id="attachment_368295" aria-describedby="caption-attachment-368295" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-29_21-28-18.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-368295" src="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-29_21-28-18.png" alt="BTCUSD_2024-10-29_21-28-18" width="2648" height="1586" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-29_21-28-18.png 2648w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-29_21-28-18-300x180.png 300w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-29_21-28-18-1024x613.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-29_21-28-18-768x460.png 768w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-29_21-28-18-1536x920.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-29_21-28-18-2048x1227.png 2048w, https://cryptopotato.com/wp-content/uploads/2024/10/BTCUSD_2024-10-29_21-28-18-50x30.png 50w" sizes="(max-width: 2648px) 100vw, 2648px"></a>
 <figcaption id="caption-attachment-368295" class="wp-caption-text">
 Source: TradingView
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</figure>
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&nbsp;CryptoPotato&nbsp;<a href="https://cryptopotato.com/massive-bitcoin-volatility-imminent-as-u-s-presidential-election-draws-near-bitfinex/" data-wpel-link="internal" rel="noopener noreferrer nofollow">reported</a> 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.
<figure id="attachment_368296" aria-describedby="caption-attachment-368296" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-29-at-21.35.25.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-368296" src="https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-29-at-21.35.25.png" alt="Screenshot 2024-10-29 at 21.35.25" width="1526" height="1398" srcset="https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-29-at-21.35.25.png 1526w, https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-29-at-21.35.25-300x275.png 300w, https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-29-at-21.35.25-1024x938.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-29-at-21.35.25-768x704.png 768w, https://cryptopotato.com/wp-content/uploads/2024/10/Screenshot-2024-10-29-at-21.35.25-50x46.png 50w" sizes="(max-width: 1526px) 100vw, 1526px"></a>
 <figcaption id="caption-attachment-368296" class="wp-caption-text">
 Source: Polymarket
 </figcaption>
</figure>
The post <a href="https://cryptopotato.com/bitcoin-price-flirts-with-a-new-ath-leaving-over-100-million-shorts-liquidated/" rel="noopener noreferrer nofollow">Bitcoin Price Flirts With a New ATH, Leaving Over $100 Million Shorts Liquidated</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

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

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