Major

bullish

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-surge-causes-major-loss-for-whale-during-us-elections/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Surge Causes Major Loss for Whale During US Elections</a><br></p>
<p style="text-align: justify">During the US presidential elections, a significant increase in Bitcoin prices led to substantial losses for a <a href="https://en.coin-turk.com/elon-musks-unwavering-stance-on-freedom-of-speech-amid-social-media-tensions/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> investor. The <a href="https://en.coin-turk.com/circle-introduces-confidential-erc-20-framework-to-enhance-privacy/" data-wpel-link="internal" rel="noopener noreferrer nofollow">blockchain</a> tracking firm Lookonchain reported that a whale who opened a short position on Bitcoin lost approximately $75 million. As the election results became clearer, Bitcoin reached new record levels.</p>
<h2 id="whale-s-misfortune">Whale’s Misfortune</h2>
<p style="text-align: justify">When the election results were announced, Bitcoin prices surged rapidly due to Donald Trump’s gain. Throughout the day, Bitcoin surpassed its previous all-time high, surprising many investors. This increase created an unexpected shift in market dynamics.</p>
<p>Subsequently, the upward trend in Bitcoin prices continued. In the last 24 hours, Bitcoin reached an all-time high of $76,849. Furthermore, at the time of writing, it is still finding buyers at around $76,000.</p>
<h2 id="etf-outflows">ETF Outflows</h2>
<p style="text-align: justify">Lookonchain indicated that significant cash outflows occurred in Bitcoin and Ethereum ETFs on election day. Fidelity’s ETH and BTC ETFs experienced the highest outflows among other ETFs. This suggests that investors are beginning to convert their bullish expectations into cash.</p>
<p style="text-align: justify">At the time of writing, Bitcoin is trading at $76,000, while Ethereum has risen to $2,890, showing an increase of over 7%. These increases indicate that market fluctuations are ongoing.</p>
<p style="text-align: justify">The substantial cash outflows from Fidelity’s Bitcoin and Ethereum ETFs signal that investors are reassessing their large positions. This situation hints at the continued volatility in the <a href="https://en.coin-turk.com/bitcoins-dominance-declines-triggering-altcoin-season/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency market</a>.</p>
<p>The post <a href="https://en.coin-turk.com/bitcoin-price-surge-causes-major-loss-for-whale-during-us-elections/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Surge Causes Major Loss for Whale During US Elections</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Bitcoin Price Surge Causes Major Loss for Whale During US Elections

Table of Contents

COINTURK NEWS

Other articles published on Nov 7, 2024

The crypto market adds over $200 billion as Bitcoin reaches record high

Analyst Predicts AAVE Price Could Climb Higher – Here’s the Outlook

China Sets Legal Precedent in $111M Crypto Money Laundering Bust

4 Best Altcoins to Buy Now as Bitcoin Records Another New ATH

Hut 8 Expands Hashrate with 31,000 New Bitmain Miners, Eyeing 66% Growth by Q1 2025

Airbnb Stock Gains Ahead of Anticipated Q3 Earnings Report

Join our free newsletter for daily crypto updates!