Bitcoin price flirts with a new ATH, leaving over $100M short liquidated

The price of Bitcoin appears poised to hit a new all-time high in a massive rally leading up to the US presidential election.

The price managed to reach $73,600, which is less than $200 from a new peak.

Source: TradingView

This has caused quite a stir in the derivatives market, leaving more than $110 million in short positions underwater. At the time of writing, the price has retreated below $73,000, trading up more than 4.2% in the last 24 hours alone.

It’s also worth noting that the total trading volume of Bitcoin ETFs at the time in the US reached $3 billion today.

This rally comes days before the country’s most important political event: the presidential elections, which are scheduled for November 5.

As CryptoPotato reported today, some volatility among market participants is expected given the importance of the election outcome. Currently, Donald Trump remains a big favorite at Polymarket.

Source: Polymarket SPECIAL OFFER (Sponsored) Binance Free $600 (exclusive of CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!