In the last 24 hours, Bitcoin (BTC) has experienced a notable surge, climbing 5% and surpassing the significant $70,000 mark, according to CoinMarketCap. This rally has been accompanied by impressive trading volumes, reaching $48 billion—almost double what was seen on Monday.
On Tuesday, Bitcoin soared past $72,000, driving a broader market upswing just days before the U.S. elections, which many traders view as a potential positive influence on the market, regardless of the election outcome.
This upward movement has led to the liquidation of over $143 million in short positions—bets that Bitcoin’s price would fall—within just 12 hours. As traders closed out these losing bets, shorts on Bitcoin alone accounted for $73 million in losses, with Ethereum (ETH) shorts following closely behind at $39 million.
Darius Sit, co-founder of QCP Capital, noted that the market seems to be factoring in a greater likelihood of a Trump victory, which is traditionally seen as favorable for the crypto space.
Additionally, Mignolet, an analyst from CryptoQuant, highlighted that significant buying activity from influential traders, often referred to as “whales,” on the Binance exchange has been a driving force behind the recent demand for Bitcoin.
Moreover, Bitcoin exchange-traded funds (ETFs) have seen a substantial influx, with a net addition of 47,000 BTC over the past two weeks, further fueling interest in the cryptocurrency. Other major cryptocurrencies have also seen gains, with Dogecoin (DOGE) jumping 15% and Shiba Inu (SHIB) rising 8%. Ethereum (ETH) increased by 4.9%, while Cardano (ADA), Solana (SOL), and Binance Coin (BNB) all rose by over 3%.
As the November elections approach, traders are optimistic about Bitcoin’s potential to reach new heights, regardless of whether a Republican or Democrat wins the presidency.
