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In the last 24 hours, <a href="https://optimisus.com/news/crypto-news/over-5-billion-in-bitcoin-and-ethereum-options-are-expiring-today/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> has experienced a notable surge, climbing 5% and surpassing the significant $70,000 mark, according to CoinMarketCap. This rally has been accompanied by impressive trading volumes, reaching $48 billion—almost double what was seen on Monday.On Tuesday, Bitcoin soared past $72,000, driving a broader market upswing just days before the U.S. elections, which many traders view as a potential positive influence on the market, regardless of the election outcome.This upward movement has led to the liquidation of over $143 million in short positions—bets that Bitcoin&#39;s price would fall—within just 12 hours. As traders closed out these losing bets, shorts on Bitcoin alone accounted for $73 million in losses, with Ethereum (ETH) shorts following closely behind at $39 million.Darius Sit, co-founder of QCP Capital, noted that the market seems to be factoring in a greater likelihood of a Trump victory, which is traditionally seen as favorable for the crypto space.Additionally, Mignolet, an analyst from CryptoQuant, highlighted that significant buying activity from influential traders, often referred to as &#34;whales,&#34; on the Binance exchange has been a driving force behind the recent demand for Bitcoin.Moreover, <a href="https://optimisus.com/news/crypto-news/bitcoin-dominance-surge-to-58-as-etf-as-institutional-inflows-continue/" rel="noopener noreferrer nofollow">Bitcoin exchange-traded funds (ETFs)</a> have seen a substantial influx, with a net addition of 47,000 BTC over the past two weeks, further fueling interest in the cryptocurrency. Other major cryptocurrencies have also seen gains, with Dogecoin (DOGE) jumping 15% and Shiba Inu (SHIB) rising 8%. Ethereum (ETH) increased by 4.9%, while Cardano (ADA), Solana (SOL), and Binance Coin (BNB) all rose by over 3%.As the November elections approach, traders are optimistic about Bitcoin&#39;s potential to reach new heights, regardless of whether a Republican or Democrat wins the presidency.

Bitcoin soars above $72K, liquidating over $200M in short positions

Optimisus

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