Bitcoin

when

Shockwaves

Time

Rise

<p>Bitcoin has once again broken records, reaching a new all-time high of $75,656, according to Coinglass. The cryptocurrency giant made an impressive 9.4% jump in just five hours, surprising many after falling short of expected gains in October. </p>   
<p>This price surge also aligns with former <a href="https://coinpedia.org/news/donald-trump-wins-u-s-election-polymarket-bettor-scores-massive-11m-profit/" target="_blank" rel="noreferrer noopener">President Donald Trump’s</a> rising odds in the upcoming U.S. election, raising the question: is this Bitcoin’s final peak for the season, or could it go even higher?</p>   
<h2 class="wp-block-heading" id="h-the-us-election-s-role-in-bitcoin-s-rise">The US Election’s Role in Bitcoin's Rise</h2>   
<p>One thing’s clear: politics isn’t just about debates and votes anymore—it’s affecting crypto too. With the <a href="https://www.youtube.com/watch?v=aP2Q_7rzNs0&amp;pp=ygUadXMgZWxlY3Rpb24gMjAyNCBjb2lucGVkaWE%3D" target="_blank" rel="noreferrer noopener">US presidential election</a> heating up, investor sentiment has shifted. Former President Donald Trump’s popularity soared on platforms like Polymarket, where his odds jumped from 58% to a jaw-dropping 97.1%. Meanwhile, Kamala Harris's chances slipped down to just 3.4%. This political shift has made investors more optimistic, helping fuel Bitcoin’s latest climb.</p>   
<figure class="wp-block-image aligncenter size-full is-resized">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/11/06105112/the-winning-odds.png" alt="" class="wp-image-376416" style="width: 100%;height:auto">
</figure>   
<h2 class="wp-block-heading" id="h-mass-liquidations-hit-the-market">Mass Liquidations Hit the Market </h2>   
<p>Bitcoin’s rapid rise didn’t come without consequences. This price surge led to $477.83 million in crypto funds being liquidated, surprising over 100,000 traders. Most of the losses hit those who bet against Bitcoin, with $354.69 million in short orders wiped out. Market whales—big players with large holdings—placed dense short orders above $75,000, leading to a slight dip back to $74,048. </p>   
<p>It’s a reminder of crypto’s volatility and the risks of betting against Bitcoin’s momentum. And it's not always how we'd might hope. </p>   
<figure class="wp-block-image aligncenter size-large is-resized">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/11/06105143/whale-orders-around-bitcoin-all-time-high-1024x412.png" alt="whale orders around bitcoin all time high" class="wp-image-376418" style="width: 100%;height:auto">
</figure>   [post_titles_links postid="376444"]   
<h2 class="wp-block-heading" id="h-what-to-watch-for-next">What to Watch for Next</h2>   
<p>So, what now? Bitcoin seems steady around its support levels of $73,700 and $71,800. Analysts say some profit-taking could slow things down, but the overall vibe is still pretty positive. With exchange data showing BTC outflows for three straight months, people seem to be in a buying mood. While a pullback could happen if more traders cash out, many believe that this new peak isn’t going anywhere soon.</p>   
<p>Just keep an eye on those whale moves and <a href="https://coinpedia.org/news/us-election-results-elizabeth-warren-wins-her-third-senate-term/" target="_blank" rel="noreferrer noopener">election updates</a>. A bigger Bitcoin all-time high could be just around the corner! </p>

Bitcoin All-Time High Hits $75,656 as Trump Elections Odds Spike

Table of Contents

CoinPedia News

Other articles published on Nov 6, 2024

Donald Trump’s election victory wiped out PolitiFi meme tokens

Solana Price Prediction for Today, November 6 – SOL Technical Analysis

Bitcoin Soars Past $75K as Trump Secures Victory in Election Results

Summer.fi: Changing The DeFi Landscape with User-Centric Innovation

Hong Kong Expands Tax Incentives to Include Virtual Assets, Targeting Institutional Investors

Trump’s Election Lead Could Impact XRP’s Price and Market Future

Join our free newsletter for daily crypto updates!