Bitcoin Price Flirts With a New ATH, Leaving Over $100 Million Shorts Liquidated
2024-10-30

Bitcoin’s price seems to be on the verge of achieving a new all-time high in a massive rally leading up to the US Presidential elections.
The price managed to get as high as $73,600, which is less than $200 away from a new peak.
This has caused considerable turmoil in the derivatives market, leaving over $110 million worth of short positions underwater. At the time of this writing, the price has now retraced below $73,000, trading at an increase of over 4.2% during the past 24 hours alone.
It’s also worth noting that the total trading volume for spot Bitcoin ETFs in the US today reached a whopping $3 billion.
This rally comes days before the country’s most important political event: the presidential elections, which are scheduled for November 5th.
As CryptoPotatoreportedearlier today, volatility is somewhat expected amongst market participants, given the importance of the election outcome. Currently, Donald Trump remains a heavy favorite on Polymarket.