Republican

Donald Trump

The crypto market experienced an intense wave of liquidations as Bitcoin’s price surged to a new all-time high yesterday on the back of the Trump election victory.&nbsp; 
As Republican candidate Donald Trump secured the lead in the presidential elections, Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) witnessed a dramatic rise which allowed it to reach a new <a href="https://crypto.news/bitcoin-reaches-75k-marking-new-ath-on-the-heels-of-us-election/" target="_blank">all-time high</a> of $76,480. 
The bullish momentum led to massive <a href="https://crypto.news/bitcoin-nears-69k-mark-amid-strong-etf-inflows-and-short-liquidations/" target="_blank">liquidations</a>, reaching $611.5 million on Nov. 6, according to data from Coinglass. This figure represented the largest single-day liquidation event since August. 
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 <img loading="lazy" decoding="async" width="992" height="460" src="https://crypto.news/app/uploads/2024/11/Screenshot-2024-11-07-133225.png" alt="Post-election volatility cools down as crypto liquidations decline - 30" class="wp-image-14308742">
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 Crypto liquidations map | Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="nofollow">Coinglass</a>
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</figure> 
Most of the liquidations stemmed from traders holding short positions who had bet against Bitcoin’s upward momentum. Approximately 70% of the liquidations, or $426.891 million, were from shorts. Conversely, long positions also took a hit amid the high volatility, with $183.46 million in liquidations. 
The pressure on short positions remains, with $107.69 million in shorts liquidated so far. Long positions, although lower in liquidation volume, still saw about $63.86 million wiped out today.&nbsp; 
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Meanwhile, further data reveals that open interest remains elevated, suggesting that trading activity is still heightened amid confidence among investors.&nbsp; 
The total crypto open interest rose by 7.39% over the past 24 hours to reach $83.14 billion. However, futures volume has seen a decrease of 20.69%, now at $235 billion, as the initial excitement from Bitcoin’s surge begins to normalize. 
Furthermore, the Bitcoin long-to-short ratio has seen a slight decline, dropping by half a percentage point to a current level of 1.01. This ratio indicates a subtle preference for long positions among investors, signaling a generally balanced sentiment.&nbsp; 
Notably, Bitcoin’s all-time high yesterday broke the previous peak of $73,679 set in March. Despite the price facing a slight pullback following the ATH, the spike marked an intraday gain of 9.01%, the largest since August. 
Notably, the rally propelled the entire market <a href="https://crypto.news/bitcoin-crypto-stocks-surge-as-harris-congratulates-trump/" target="_blank">upward</a>, pushing the global crypto market cap to a five-month peak of $2.52 trillion yesterday. This massive push contributed to the intense liquidations yesterday. 
Bitcoin is up 2.41% over the last 24 hours and is trading at $75,091 at the time of writing. With trade volume down by nearly 21% to $76.55 billion, volatility has reduced in the market. Despite this, the asset would look to close the week above $76,000 to maintain its bullish outlook. 
 Read more: <a rel="" href="https://crypto.news/wazirx-to-restart-trading-and-share-revenue-to-pay-back-victims-of-235m-hack/"> WazirX to restart trading and share revenue to pay back victims of $235m hack </a>

Post-election volatility cools down as crypto liquidations decline

crypto.news

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