Bitcoin surged to an all-time high of $75,000 on Tuesday.
Posted November 6, 2024 at 1:38 am EST.
Bitcoin surged to a new record on Tuesday as poll results in the U.S. presidential election suggested that pro-crypto candidate Donald Trump was likely to win the White House.
The original crypto gained almost 10% over a 24-hour period to hit $75,000 across major exchanges such as Binance and Coinbase.
That price action triggered $354 million of liquidations by traders in leveraged positions betting against a higher bitcoin price, according to data from CoinGlass. Around $113 million of long positions were liquidated during the same period, resulting in a total of $466 million of crypto liquidations over the 24 hours before press time.
The Coinbase Premium Index — a measure of the difference in bitcoin prices on Coinbase and Binance — flipped to its highest positive value in two months, signaling that it was U.S. investors pushing up BTC’s price.
At the time of writing, decentralized betting market Polymarket was pricing in the odds of a Trump victory at 99.3%. The market had around $3.5 billion in trading volume.
Trump had secured 247 electoral college votes at press time, while Democratic candidate Vice President Kamala Harris had won 214, according to the Associated Press.
