US Election Vote Count Triggers Crypto Market Frenzy: Bitcoin Surges Past $75,000, Liquidations Flood In
US Election Vote Count Triggers Crypto Market Frenzy: Bitcoin Surges Past $75,000, Liquidations Flood InAs the US election enters its vote counting phase, the cryptocurrency market has witnessed a strong surge. As of November 6, Bitcoin (BTC) briefly broke through $75,000, setting a new all-time high and currently trading at $74,274, up over 9% in the past 24 hours
US Election Vote Count Triggers Crypto Market Frenzy: Bitcoin Surges Past $75,000, Liquidations Flood In
As the US election enters its vote counting phase, the cryptocurrency market has witnessed a strong surge. As of November 6, Bitcoin (BTC) briefly broke through $75,000, setting a new all-time high and currently trading at $74,274, up over 9% in the past 24 hours. Ethereum (ETH) also rose over $2600 at one point, currently priced at $2580, marking a 6.74% increase in the past day. Dogecoin (DOGE) is currently at $0.211, experiencing a surge of over 30% at one point during the 24-hour period. SOL is trading at $183, with a 15% jump over the past day.
However, this crypto market frenzy has been accompanied by a wave of liquidations. Data from Coinglass indicates that over 95,000 users have liquidated positions in the past 24 hours, resulting in a total liquidation amount of approximately $460 million. Of this, $110 million represents long positions, while $350 million comes from short positions. The largest single liquidation occurred on Binance-BTC, reaching $74.98 million.
The recent crypto market surge is widely believed to be closely tied to the outcome of the US elections. This August, former US President and Republican presidential candidate Donald Trump posted a video on X platform, stating his intention to make the US the "crypto capital of the world." Trump's campaign promises included a series of pro-crypto policies, such as including Bitcoin in the national reserve and replacing current SEC Chair Gary Gensler, which have been viewed as significant positive developments for the market.
US Vice President and Democratic candidate Kamala Harris has previously maintained an ambiguous stance towards the crypto industry. However, in September, Harris expressed her support for a regulatory framework for cryptocurrencies and other digital assets at a fundraising event.
While the two candidates have expressed differing views on cryptocurrencies, the market generally anticipates support for the crypto industry from both. This expectation has undoubtedly provided significant impetus for the crypto market's robust growth.
It's crucial to remember that the cryptocurrency market is known for its volatility. The recent surge also carries a high level of risk. Investors should exercise caution, avoid chasing price increases, and engage in rational investment practices.
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