Nov 4, 2024
6thTrade
The cryptocurrency market experienced heightened volatility on Nov. 3, with liquidations nearing $350 million as Bitcoin briefly dipped below $69,000. Market data from CoinGlass revealed a total liquidation of $349.78 million, split across $259.7 million in long bets and $90.08 million in short positions — marking the largest day of liquidations since Oct. 25, when Bitcoin struggled to hold above $70,000.
The past week has seen dramatic price swings for Bitcoin, which started around $67,700 on Oct. 28, reached nearly $73,300 on Oct. 29, and then declined sharply, briefly hitting $67,719 before rebounding to $69,145, according to CoinGecko.
This turbulence in Bitcoin's price aligns with uncertainty surrounding the upcoming U.S. presidential election. The odds between candidates Donald Trump and Kamala Harris have tightened, particularly on Polymarket, a crypto-native betting platform. Trump, who had overtaken Harris with a 67% likelihood of winning as of Oct. 30, has since seen a dip to 56%.
Crypto investors and industry insiders view Trump as a more favorable candidate, given his pledges to dismiss SEC Chair Gary Gensler and position the U.S. as a global hub for crypto. In contrast, Harris has taken a more measured stance, advocating for a regulatory framework that focuses on oversight rather than sweeping reforms, a message she has emphasized to key voting groups.
Polls show the two candidates in a virtual tie, with Harris holding a slim 0.9-point lead on Nov. 3, according to FiveThirtyEight. The race's outcome is expected to impact Bitcoin’s trajectory, with some traders predicting a rally to $100,000 if Trump wins, while analysts from Bernstein warn that a Harris victory could bring a steep year-end decline.
Regardless of the winner, market watchers anticipate substantial volatility in Bitcoin prices, with crypto analyst Daan Crypto Trades forecasting a “10% swing in either direction” post-election. As Election Day approaches, traders are bracing for a turbulent ride, with Bitcoin once again at the center of global economic and political uncertainty.
Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
