Bitcoin Price Approaches New ATH, $100M in Shorts Liquidated
Bitcoin nears a new all-time high, liquidating over $110 million in shorts, as trading volume for ETFs hits $3 billion ahead of elections.
Bitcoin is on the brink of reaching a new all-time high, with its price climbing to $73,600, just shy of the previous peak by less than $200. This upward movement is occurring amid a significant rally leading up to the U.S. Presidential elections.
Impact on the Derivatives Market
The recent price surge has resulted in considerable turmoil within the derivatives market, leading to over $110 million worth of short positions being liquidated. As of now, Bitcoin's price has slightly retraced, trading below $73,000, but still reflecting an increase of over 4.2% in the last 24 hours.
Record Trading Volume for Bitcoin ETFs
Notably, the trading volume for spot Bitcoin ETFs in the U.S. reached an impressive $3 billion today. This surge in trading activity highlights the growing interest and investment in Bitcoin as it approaches its all-time high.
Upcoming Presidential Elections
This rally coincides with the upcoming U.S. Presidential elections scheduled for November 5th. Market participants are anticipating increased volatility due to the election's significance, with Donald Trump currently favored in betting markets.
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