Single trader liquidated for $75 million on Binance amid BTC surge to new all-time high

The cryptocurrency market is rallying in anticipation of Republican candidate Donald Trump winning the US presidential election as his lead continues to expand.

While this is good news for bulls, many short traders have been ripped apart, the biggest being a $75 million liquidation on Binance.

Bitcoin/Price/Chart 06.11..2024. Source: TradingView

CryptoPotato has reported live events happening on American soil as Trump’s chances of returning to the White House as President continue to increase. As of this writing, the former POTUS has 247 electoral college votes to 214 for his Democratic opponent, Kamala Harris.

Being the self-proclaimed “pro-crypto” candidate, Trump’s leadership resulted in a somewhat expected surge for the digital asset market. Bitcoin led the charge once again, surpassing its March all-time high of $73,737 (CoinGecko) and posting a new one above $75,000.

Multiple altcoins have followed suit, with even more impressive double-digit gains, including UNI (35%), DOGE (25%), POPCAT (24%), BONK (23%), WIF (21%) and many others . .

The total crypto market cap has soared over 7% and now stands at $2.6 trillion. These gains, however, have hurt over-leveraged traders, especially those with short positions.

CoinGlass data reveals that nearly 110,000 market participants have been destroyed in the last 24 hours. The total value of liquidated positions is up to $500 million, with short accounting accounting for the lion’s share.

The biggest position shattered was the whopping. It took place on Binance, involved the BTC/USDT trading pair, and was worth a staggering $75 million.

Crypto X speculates that it belonged to a large whale that bet against Trump in the election, and the subsequent surge led to this substantial liquidation.

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