Bitcoin just gave traders the ol’ heart stopper, dipping under $69,000 and unleashing a $350 million liquidation storm. The lead-up to the U.S. presidential race has got the market jittering with volatility, serving up a wild day for bulls and bears alike.
Longs and Shorts Get Rekt in Liquidation Frenzy
On Nov. 3, liquidations spiked to a cool $349.78 million, with long positions tanking the hardest, totaling $259.7 million. Shorts weren’t spared either, losing $90.08 million, as per CoinGlass. This liquidation chaos hasn’t been seen since Oct. 25, back when Bitcoin got slapped down after trying to stay above $70,000.
Bitcoin’s recent price dance has been giving traders whiplash. From Oct. 28, it started around $67,700, rocketed up to a juicy $73,300 on Oct. 29, then stumbled back down to touch $67,719 on Nov. 3. But like a phoenix with a glitch, Bitcoin clawed back up and now sits around $69,145, says CoinGecko.
Polymarket Odds Spinning Wild Ahead of Election
Crypto-native betting mecca Polymarket is on fire, with odds for Trump and Harris tightening faster than a bear grip on BTC. Trump’s favor soared in early October, peaking at 67% on Oct. 30, before flipping back to 56%. This close race has become the speculator’s delight as traders try to hedge on the election’s impact on Bitcoin.
The orange-haired ex-prez is making bullish promises, vowing to ax SEC head honcho Gary Gensler and turn the U.S. into crypto’s Shangri-La. Harris, meanwhile, is giving a more chill vibe, pitching a regulatory framework aimed at the Black male demographic.
Speculators are already betting big: a Trump W could send BTC rocketing to $100,000, say some crypto hawks. But Bernstein analysts warn that if Harris snags the Oval Office, Bitcoin’s trajectory might nosedive before New Year’s hits. Traders now stand caught in a tug-of-war between hope and hazard.
Price Swing FOMO as Election Standoff Looms
Daan Crypto Trades, a name on every degenerate’s lips, sees a tsunami of volatility brewing post-election. He predicts a 10% bounce or drop in Bitcoin’s price, depending on who seizes the crown.
The crypto sea is choppy, full of uncharted waters, where even a political breeze can spark a surge or a spill. Bitcoin now floats, stuck in an election-induced limbo, with traders grinding their teeth and hodling their breath.
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