Bitcoin briefly fell below $69,000, pushing cryptocurrency market liquidation to nearly $350 million and traders looking nervous ahead of the US presidential election.
A total of $349.78 million was liquidated on November 3, with $259.7 million in long bets and $90.08 million in short bets, according to CoinGlass. This is the largest liquidation day since October 25, when Bitcoin (BTC) failed to maintain its upward trend above $70,000.
Bitcoin has experienced significant fluctuations over the past seven days, starting at around $67,700 on October 28, reaching a high of around $73,300 on October 29, and then falling over the next few days, reaching a low of $67,719 on October 28, 2019. There were price fluctuations. November 3
It recovered quickly and is currently trading at $69,145 per CoinGecko.
Last week, Bitcoin price almost reached its March high. Source: CoinGecko
Bitcoin’s rollercoaster price action comes as the odds gap between US presidential bidders Donald Trump and Kamala Harris strengthened on cryptocurrency-based betting platform Polymarket.
In early October, Trump was the likely winner of the November 5 election after beating Harris in polls, with his odds of winning peaking at 67% on October 30 but now sharply adjusted to 56%.
Trump’s odds of victory in the polls have declined over the past month as Election Day approaches. Source: Polymarket
The cryptocurrency industry sees a Republican presidential candidate as a more friendly option, as Trump has fired Securities and Exchange Commission Chairman Gary Gensler and promised to make the U.S. the “global capital of cryptocurrency.”
Meanwhile, Democrat Harris has taken a more moderate approach to cryptocurrencies, telling black male voters that they would support a regulatory framework for the space that she proposes.
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Trump’s odds of winning on Nov. 3 now align more closely with polling data, according to FiveThirtyEight data. This shows that Trump is basically going head to head with Harris. Harris was ahead by 0.9 percentage points on November 3.
Harris led Trump by 3.5 percentage points in August, but that figure has narrowed significantly now. Source: FiveThirtyEight
Some traders have speculated that Bitcoin could reach $100,000 if Trump wins the election, while Bernstein analysts said a Harris victory could lead to a significant decline in the price of Bitcoin by the end of the year.
Immediately after the election results, cryptocurrency trader Daan Crypto Trades predicted that Bitcoin could see “a move of at least 10% in either direction depending on who wins the election.”
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