Bitcoin (BTC-USD) just made headlines again, skyrocketing past $71,000, marking a 5% surge in just 24 hours. According to CoinGecko, this surge has been fueled by an impressive trading volume of $48 billion, nearly doubling from Monday. But why the sudden rush? The upcoming U.S. elections appear to be the catalyst, with traders optimistic about bullish market conditions, no matter the election outcome.
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Shorts Liquidated as Prices Climb
The recent rally has not just brought smiles to Bitcoin holders. Over $143 million in short positions were liquidated in the past 12 hours, as traders betting against Bitcoin felt the heat. “We see some shorts against the 70k getting liquidated as the market seems to be pricing in increasing certainty of a Trump victory,” noted Darius Sit, co-founder of QCP Capital, in a message to CoinDesk. This reflects a broader sentiment that Bitcoin could soar even higher if Donald Trump wins, given his pro-crypto stance.
Whales and ETFs Boost Demand
Adding to the excitement are significant inflows into Bitcoin ETFs, with a net increase of 47,000 BTC over the past two weeks. Whale activity, especially on Binance, has been substantial, as noted by analyst Mignolet. These influential traders are net buyers, stirring up the market, particularly during Asian trading hours.
While the anticipation of new highs grows, Ethereum (ETH-USD) isn’t sitting idle—up 4.9% as well. Moreover, options traders place are placing bets for Bitcoin to hit $75,000 by the end of November.
At the time of writing, Bitcoin is sitting at $71,628.83.
