Bitcoin surged past $73,000 early Tuesday, leading a broader crypto rally just ahead of the U.S. elections, which investors expect to drive bullish momentum regardless of the winner. Data from CoinGecko shows Bitcoin jumped 5% within the past 24 hours, breaking the critical $70,000 level with $48 billion in trading volume, nearly doubling Monday’s activity.
This price spike led to the liquidation of over $143 million in short positions across major cryptocurrencies, including $73 million in Bitcoin shorts and $39 million in Ethereum, as reported by CoinGlass. QCP Capital co-founder Darius Sit attributes the surge partly to traders liquidating short positions as the market seems to anticipate a Trump victory, which is seen as favorable for crypto.
Demand from influential “whale” traders on Binance, especially during Asian trading hours, further boosted Bitcoin prices, noted by CryptoQuant analyst Mignolet. Recent net inflows into Bitcoin exchange-traded funds (ETFs), totaling 47,000 BTC over the last two weeks, have also strengthened buying pressure.
Other major tokens rallied in Bitcoin’s wake: Dogecoin (DOGE) rose 15%, partly linked to Trump’s ongoing popularity, while Shiba Inu (SHIB) gained 8%. Ethereum (ETH) added 4.9%, and Cardano (ADA), Solana (SOL), and BNB all climbed over 3%. The broader CoinDesk 20 (CD20), an index of large-cap cryptocurrencies, saw a 3.3% increase.
With election day approaching, traders are optimistic that Bitcoin may set fresh highs regardless of a Republican or Democrat victory. Trump’s pro-crypto stance is expected to drive further gains, while Harris is anticipated to introduce regulatory protections. Nevertheless, both scenarios could benefit Bitcoin as macroeconomic conditions remain favorable. Options data shows increasing bets on Bitcoin reaching $75,000, as reflected in strong open interest at this price level in contracts set to expire shortly after the election on November 8.
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