Crypto liquidations reached $350M when Bitcoin fell below $69,000
Crypto market liquidity is close to $350 million as Bitcoin falls below $69,000 as traders look overwhelmed in the lead-up to the November 5 US presidential election.
In total, $349.8 million in 259.7 million long bets and $90.1 million in short bets were liquidated on Nov. 3, according to CoinGlass. Bitcoin (BTC) failed to sustain its rally past $70,000, which was the biggest day of liquidity since October 25.
Bitcoin has seen wide price fluctuations in the last seven days, reaching a high of around $67,700 on October 28, then almost $73,300 on October 29, before falling over the next few days to a low of 67,719 on November 3.
It quickly recovered and is now trading at $69,145 per CoinGecko.
Last week, the price of Bitcoin was close to its March high. Source: CoinGecko
Bitcoin's rollercoaster price action comes as the gap between US presidential contenders Donald Trump and Kamala Harris tightens on crypto-native betting platform Polymarket.
In early October, Trump beat Harris as the front-runner in the polls, with his odds of winning as of October 30 at 67 percent. That has now seen a major correction to 56%.
Election Day is getting closer as Trump's chances of winning the polls are narrowing. Source: Polymarket
The crypto industry sees Republican presidential candidate Trump as a friendly alternative to his promise — among other words — to fire Securities and Exchange Commission Chairman Gary Gensler and make the US the “crypto capital of the world.”
Meanwhile, Democrat Harris has taken a more aggressive approach to crypto, saying she supports a regulatory framework that places black male voters on the ballot.
Related: Harris vs. Trump: Who has the support of the crypto industry?
Trump's odds of winning in Polymarket now closely match polling data, which shows him essentially neck-and-neck with Harris — leading by 0.9 percentage points on Nov. 3, FiveThirtyEight data shows.
Harris led Trump by as much as 3.5 percentage points in August, which has now shrunk significantly. Source: FiveThirtyEight
Some traders say bitcoin could hit $100,000 if Trump wins the election, while Bernstein analysts say a Harris victory could send bitcoin prices down significantly by the end of the year.
Immediately after the election, crypto trader Daan CryptoTrades predicted that Bitcoin would go “at least 10% in either direction depending on who wins the election.”
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