Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Bitcoin Price Flirts With a New ATH, Leaving Over $100 Million Shorts Liquidated

Bitcoin Price Flirts With a New ATH, Leaving Over $100 Million Shorts Liquidated

CryptopotatoCryptopotato2024/10/28 16:00
By:Author: George Georgiev

Bitcoin flirts with an all-time high, leaving more than $100 million worth of shorts liquidated.

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 CryptoPotato  reported earlier today, volatility is somewhat expected amongst market participants, given the importance of the election outcome. Currently, Donald Trump remains a heavy favorite on Polymarket.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Sony shuts down Concord’s developer Firewalk Studios

Share link:In this post: Sony is closing down the Firewalk Studios along with mobile game studio Neon Koi. CEO of PlayStation stated the decision had been made after months of consideration. 210 people will lose their jobs following the shutdown.

Cryptopolitan2024/10/30 14:11

DWF Labs picks a woman to replace alleged drink-spiking partner, Eugene Ng

Share link:In this post: Lingling Jiang is DWF Labs’ new partner, replacing Eugene Ng, who was dismissed after serious drink-spiking accusations. Ng was removed from all roles at DWF Labs after a woman, Hana, accused him of drugging her at a Hong Kong bar, backed by video evidence. Hana claims Ng lured her with a job offer, spiked her drink, and tried persuading her to join him in his hotel suite.

Cryptopolitan2024/10/30 14:11

UK Labour government plans to release its first budget after nearly 14 years

Share link:In this post: The UK Labour Party plans to release a brand new budget on October 30, having been outside the ruling position for over 14 years. Several economists expect significant tax hikes amounting to approximately 40 billion pounds, besides expectations of cuts in several areas. Predictions are based on the recent statement by Labour Party Minister of Finance Rachel Reeves, who insisted on a big budget gap.

Cryptopolitan2024/10/30 14:11

‘Space and Time Labs’ Launches’ SXT Chain Testnet at Chainlink SmartCon

The development will help in building data-driven DeFi solutions with enhanced scalability and accuracy.

Cryptotimes2024/10/30 13:55