Donald Trump

Chair

Bitcoin

Crypto market liquidations almost hit $350 million as Bitcoin briefly dipped below $69,000, with traders seeming jittery in the lead-up to the United States presidential election on Nov. 5.
In all, $349.8 million was liquidated across $259.7 million <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/crypto-derivatives" rel="null" target="null" text="null" title="null">long bets</a> and $90.1 million short bets on Nov. 3, <a data-ct-non-breakable="null" href="https://www.coinglass.com/LiquidationData" rel="null" target="null" text="null" title="null">according</a> to CoinGlass. It was the biggest day of liquidations since Oct. 25, when Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-longs-second-largest-liquidation-day-october-market-steadies" rel="null" target="null" text="null" title="null">failed to sustain a rally</a> past $70,000.
Bitcoin has seen wide price swings over the past seven days, starting on Oct. 28 at around $67,700, then reaching a high of almost $73,300 on Oct. 29 before dropping over the next few days to a low of $67,719 on Nov. 3.
It quickly recovered and is now trading at $69,145, <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/coins/bitcoin" rel="null" target="null" text="null" title="null">per</a> CoinGecko.
<figure>
 <img alt="Bitcoin Price, Trading" src="https://s3.cointelegraph.com/uploads/2024-11/0192f5b9-653b-79e6-a0f0-74f95490c22e" title="">
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 Bitcoin’s price over the past week saw it nearly reach its March peak high. Source: CoinGecko
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Bitcoin’s rollercoaster price action comes as the odds gap between US presidential bidders Donald Trump and Kamala Harris has tightened on the crypto native betting platform Polymarket.
In early October, Trump <a data-ct-non-breakable="null" href="https://polymarket.com/event/presidential-election-winner-2024?tid=1730692640240" rel="null" target="null" text="null" title="null">overtook</a> Harris on Polymarket as the likely winner, with his odds of winning peaking at 67% on Oct. 30. That’s now seen a sharp correction to 56%.
<figure>
 <img alt="Bitcoin Price, Trading" src="https://s3.cointelegraph.com/uploads/2024-11/0192f5b8-fee3-7964-8a70-707888bbcdab" title="">
 <figcaption style="text-align: center;">
 Trump’s winning odds on Polymarket have narrowed with election day looming. Source: Polymarket
 </figcaption>
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The crypto industry views the Republican presidential candidate as the friendlier option <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-promises-crypto-election-usa" rel="null" target="null" text="null" title="null">as Trump has promised</a> — among other pledges — to fire Securities and Exchange Commission Chair <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/who-is-gary-gensler-regulating-crypto" rel="null" target="null" text="null" title="null">Gary Gensler</a> and make the US “the world capital of crypto.”
Meanwhile, the Democratic Party’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/donald-trump-vs-kamala-harris-on-crypto-regulations" rel="null" target="null" text="null" title="null">Harris</a> has taken a more tempered approach to crypto, saying she’d support a regulatory framework for the space in her <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/kamala-harris-unveil-campaign-support-crypto-cannabis" rel="null" target="null" text="null" title="null">pitch to Black male voters</a>.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/harris-vs-trump-2024-crypto-endorsements" rel="null" target="null" text="null" title="null">Harris vs. Trump: Who is the crypto industry backing?</a>
Trump’s winning odds on Polymarket now more closely align with polling data, which shows that he’s essentially neck and neck with Harris — who had a 0.9 percentage point lead on Nov. 3, FiveThirtyEight <a data-ct-non-breakable="null" href="https://projects.fivethirtyeight.com/polls/president-general/2024/national/" rel="null" target="null" text="null" title="null">data</a> shows.
<figure>
 <img alt="Bitcoin Price, Trading" src="https://s3.cointelegraph.com/uploads/2024-11/0192f5b8-7f13-7c7b-8152-490409b4d356" title="">
 <figcaption style="text-align: center;">
 Harris led Trump by as much as 3.5 percentage points in August, which has now significantly narrowed. Source: FiveThirtyEight
 </figcaption>
</figure>
Some traders have speculated that Bitcoin <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-election-win-bitcoin-100k-altcoins" rel="null" target="null" text="null" title="null">could hit $100,000</a> if Trump wins the election, while Bernstein analysts have said a Harris win could <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/kamala-harris-bitcoin-price-crypto-fear" rel="null" target="null" text="null" title="null">send Bitcoin’s price down</a> significantly by year-end.
In the immediate aftermath of the election, crypto trader Daan Crypto Trades <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-move-10-depending-us-election-analyst" rel="null" target="null" text="null" title="null">predicted Bitcoin</a> could see “at least a 10% move to either direction depending on who ends up winning the election.”
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/hyped-up-depin-projects-barely-even-use-blockchain-true-or-false/" rel="null" target="null" text="null" title="null">Most DePIN projects barely even use blockchain — True or false?</a>

Trump dump: Crypto liquidations hit $350M as Bitcoin drops below $69K

Cointelegraph

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