Cryptocurrency

Crypto X

Million

The cryptocurrency market is rallying in anticipation that Republican candidate Donald Trump will win the US presidential elections as his lead continues to expand.
While that’s good news for the bulls, many short traders have been wrecked, with the single-largest being a whopping $75 million liquidation on Binance.
<figure id="attachment_369306" aria-describedby="caption-attachment-369306" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD-6.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-369306" src="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD-6.png" alt="Bitcoin/Price/Chart 06.11..2024. Source: TradingView" width="1835" height="819" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD-6.png 1835w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD-6-300x134.png 300w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD-6-1024x457.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD-6-768x343.png 768w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD-6-1536x686.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/11/BTCUSD-6-50x22.png 50w" sizes="(max-width: 1835px) 100vw, 1835px"></a>
 <figcaption id="caption-attachment-369306" class="wp-caption-text">
 Bitcoin/Price/Chart 06.11..2024. Source: TradingView
 </figcaption>
</figure>
CryptoPotato has <a href="https://cryptopotato.com/us-presidential-election-2024-results-odds-of-donald-trump-winning-explode-on-polymarket/" data-wpel-link="internal" rel="noopener noreferrer nofollow">reported</a> the live events transpiring on US soil as Trump’s chances to return to the White House as president continue to rise. As of writing these lines, the former POTUS has 247 electoral college votes against 214 for his Democratic opponent, Kamala Harris.
Being the self-proclaimed ‘pro-crypto’ candidate, Trump’s lead resulted in a somewhat expected surge for the digital asset market. Bitcoin led the charge once again, <a href="https://cryptopotato.com/bitcoin-price-explodes-to-new-all-time-high-at-75000/" data-wpel-link="internal" rel="noopener noreferrer nofollow">surging</a> past its March all-time high of $73,737 (CoinGecko) and charting a new one at above $75,000.
Multiple altcoins have followed suit, with even more impressive double-digit gains, such as UNI (35%), <a href="https://cryptopotato.com/dogecoin-doge-price-soars-22-in-hours-heres-why/" data-wpel-link="internal" rel="noopener noreferrer nofollow">DOGE</a> (25%), POPCAT (24%), BONK (23%), WIF (21%), and many others.
The total crypto market cap has skyrocketed by over 7% and is up to $2.6 trillion now. These gains, though, have harmed over-leveraged traders, especially those with short positions.
Data from CoinGlass reveals that nearly 110,000 such market participants have been wrecked in the past 24 hours. The total value of liquidated positions is up to $500 million, with short accounting for the lion’s share.
The single-biggest wrecked position was a whopping one. It took place on Binance, involved the BTC/USDT trading pair, and was worth an astonishing $75 million.
Crypto X speculates that it belonged to a big whale who bet against Trump in the elections, and the subsequent surge led to this substantial liquidation.
<figure id="attachment_369305" aria-describedby="caption-attachment-369305" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-06-084650.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-369305" src="https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-06-084650.png" alt="Cryptocurrency Liquidations. Source: CoinGlass" width="1363" height="457" srcset="https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-06-084650.png 1363w, https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-06-084650-300x101.png 300w, https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-06-084650-1024x343.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-06-084650-768x258.png 768w, https://cryptopotato.com/wp-content/uploads/2024/11/Screenshot-2024-11-06-084650-50x17.png 50w" sizes="(max-width: 1363px) 100vw, 1363px"></a>
 <figcaption id="caption-attachment-369305" class="wp-caption-text">
 Cryptocurrency Liquidations. Source: CoinGlass
 </figcaption>
</figure>
The post <a href="https://cryptopotato.com/single-trader-was-liquidated-for-75-million-on-binance-amid-btcs-surge-to-new-all-time-high/" rel="noopener noreferrer nofollow">Single Trader Was Liquidated for $75 Million on Binance Amid BTC’s Surge to New All-Time High</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Single Trader Was Liquidated for $75 Million on Binance Amid BTC’s Surge to New All-Time High

CryptoPotato_News

Other articles published on Nov 6, 2024

Top Small-Cap Cryptos to Watch This November: Cardano, VeChain, and Kaspa

OKX Ventures, The Open Platform, and Folius Ventures Launch $10M Telegram Growth Hub

5,000% Profits Predicted: Why AI-Driven Cryptos Are Set to Dominate Next Altseason!

2024 United States Elections Results: Trump Leads Harris in Tight Race

SHIB and PEPE Top Investors Flock to Dogen as Stage 5 Presale Opens After Early Sellout in Stage 4

🗒 Daily Newsletter | Wednesday, November 06, 2024

Join our free newsletter for daily crypto updates!