Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
$75 million Binance liquidation hits amid Bitcoin surge

$75 million Binance liquidation hits amid Bitcoin surge

GrafaGrafa2024/11/06 11:00
By:Isaac Francis

The cryptocurrency market saw a sharp rise as Bitcoin’s (CRYPTO:BTC) price hit a new all-time high, fueled by optimism surrounding Republican candidate Donald Trump’s growing lead in the U.S. presidential election.  

Bitcoin surged past its previous high of $73,737, reaching over $75,000, according to CoinGecko data.  

Other cryptocurrencies followed suit, with notable gains including UNI (CRYPTO:UNI) (35%), DOGE (CRYPTO:DOGE) (25%), POPCAT (CRYPTO:POPCAT) (24%), BONK (CRYPTO:BONK) (23%), and WIF (CRYPTO:WIF) (21%).  

This surge proved costly for many short traders, especially those who bet against Bitcoin’s climb.  

Data from CoinGlass indicates that approximately 110,000 traders faced liquidations in the past 24 hours, amounting to a total of $500 million in liquidated positions.  

Notably, short positions accounted for most of these losses, as the market responded to Trump’s perceived pro-crypto stance. 

Among the liquidations, the largest single position was worth $75 million on Binance’s BTC/USDT trading pair.  

Crypto X suggested that this position likely belonged to a significant investor, or “whale,” who bet against Trump’s success in the election.  

This unexpected surge in Bitcoin’s price contributed to this substantial loss.  

With Trump holding 247 electoral votes against Democratic opponent Kamala Harris’s 214 at the time of reporting, market sentiment appeared to favor his return to office.  

The total cryptocurrency market capitalisation also surged, climbing over 7% to reach $2.6 trillion as altcoins and Bitcoin showed strong upward momentum.

At the time of reporting, the Bitcoin price was $74,489.14.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!