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Vijay Gir
Vijay Gir
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- Nov 06, 2024 05:29 UTC
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Bitcoin All-Time High Hits $75,656 as Trump Elections Odds Spike
Bitcoin broke its all-time high, reaching $75,656 due to a sharp rise in the last 5 hours.
This unexpected surge coincides with the rising popularity of a specific politician.
The price spike wiped out $477.83 million in crypto funds and liquidated $354.69 million in short orders.
Bitcoin has once again broken records, reaching a new all-time high of $75,656, according to Coinglass. The cryptocurrency giant made an impressive 9.4% jump in just five hours, surprising many after falling short of expected gains in October.
This price surge also aligns with former President Donald Trump’s rising odds in the upcoming U.S. election, raising the question: is this Bitcoin’s final peak for the season, or could it go even higher?
The US Election’s Role in Bitcoin’s Rise
One thing’s clear: politics isn’t just about debates and votes anymore—it’s affecting crypto too. With the US presidential election heating up, investor sentiment has shifted. Former President Donald Trump’s popularity soared on platforms like Polymarket, where his odds jumped from 58% to a jaw-dropping 97.1%. Meanwhile, Kamala Harris’s chances slipped down to just 3.4%. This political shift has made investors more optimistic, helping fuel Bitcoin’s latest climb.
Mass Liquidations Hit the Market
Bitcoin’s rapid rise didn’t come without consequences. This price surge led to $477.83 million in crypto funds being liquidated, surprising over 100,000 traders. Most of the losses hit those who bet against Bitcoin, with $354.69 million in short orders wiped out. Market whales—big players with large holdings—placed dense short orders above $75,000, leading to a slight dip back to $74,048.
It’s a reminder of crypto’s volatility and the risks of betting against Bitcoin’s momentum. And it’s not always how we’d might hope.
What to Watch for Next
So, what now? Bitcoin seems steady around its support levels of $73,700 and $71,800. Analysts say some profit-taking could slow things down, but the overall vibe is still pretty positive. With exchange data showing BTC outflows for three straight months, people seem to be in a buying mood. While a pullback could happen if more traders cash out, many believe that this new peak isn’t going anywhere soon.
Just keep an eye on those whale moves and election updates. A bigger Bitcoin all-time high could be just around the corner!
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