Donald Trump, approaching victory in US presidential election, Bitcoin (BTC)$BTC
caused huge volatility in prices.
Trump’s huge advantage in the presidential race has caused a surge in the cryptocurrency market. Bitcoin broke a new record by reaching $75,400 in a short time. Although there has not been a significant increase in altcoins yet, investors are showing an optimistic attitude.
This major price movement in Bitcoin led to significant liquidations in the futures market. Investors trading in short positions in particular experienced major losses. Despite the rapid rise in the market, losses on the futures side did not go unnoticed. According to data from Coinglass, a total of $510.86 million worth of transactions were liquidated in the last 24 hours. $371.54 million of this came from short positions, while $139.33 million came from long positions. While the amount of liquidation in Bitcoin reached $264.15 million, $47.79 million was liquidated in Dogecoin (DOGE) and $45.16 million in Ethereum (ETH).
Among crypto exchanges, Binance had the most liquidation. The popular crypto exchange was at the top with $266.43 million in liquidations in the last 24 hours. Binance was followed by OKX with $108.42 million and Bybit with $77.49 million. Another interesting data came from Bitfinex; while other exchanges generally stand out with the liquidation of short positions, Bybit drew attention with the liquidation of long positions by 54.39 percent.