Originally published on: November 06, 2024
Bitcoin traders who were banking on a post-election price dip have taken a hit, losing a staggering $180 million as the cryptocurrency surged to a new all-time high of $75,000.
Pav Hundal, lead analyst at Swftyx crypto exchange, commented on the situation, stating, “The spot market is soaring, and shorts are getting decimated. It seems like traders are optimistic about a crypto resurgence, with buy orders dominating our books.”
On November 6, Bitcoin reached a high of $75,000.85 on Coinbase, surpassing its previous peak of $73,679, resulting in the liquidation of approximately $179.1 million in Bitcoin short positions in just four hours, according to CoinGlass data.
Over the next four hours following Bitcoin’s climb past $70,000, a total of $197.73 million in long and short positions were wiped out. Short sellers took the biggest hit, losing nearly $251 million, with Dogecoin short positions also suffering losses.
As the market experiences heightened volatility due to the ongoing election, analysts have varying predictions for Bitcoin’s future. Hundal believes a price correction may occur, regardless of the election outcome, driven by spot-driven demand rather than speculative derivatives trading.
On the other hand, options traders are anticipating ongoing volatility but are optimistic about Bitcoin’s potential to surpass $100,000 by year-end. Some analysts even foresee a $100,000 price tag on Bitcoin by early 2025.
Amidst the uncertainty, market experts are closely monitoring the situation. While the outcome of the election remains uncertain, the cryptocurrency market is poised for further growth, with the potential for Bitcoin to reach new heights.
Disclaimer: This article does not constitute investment advice. Readers are advised to conduct their own research before making any investment decisions.
