30s Summary

Bitcoin hit a record high of $75,000.85 on cryptocurrency exchange Coinbase, leading to a $179.12 million loss for traders betting against Bitcoin. Swiftly, nearly $200 million in short and long positions were wiped out and the whole cryptocurrency market lost around $483.16 million, mostly from short bets. Betting against Bitcoin accounted for roughly $251 million of this loss. Many believe that Bitcoin could continue to rise, particularly if Trump gets re-elected, given his administration is seen as positive for cryptocurrency.

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Bitcoin traders who thought the price would drop because of the election actually lost a total of $180 million as the cryptocurrency smashed its record high and hit $75,000 for a bit.

Pav Hundal, a top analyst at the cryptocurrency exchange Swftyx, said, “Everyone is buying and the ones who were betting against Bitcoin are losing a lot.”

Bitcoin really had a big day on Nov. 6, hitting a new high of $75,000.85 on Coinbase. That’s a jump from its earlier record peak of $73,679 set in March. Because of this, around $179.12 million was lost in Bitcoin short positions in just 4 hours.

After Bitcoin breezed past $70,000, a total of nearly $200 million in short and long positions were wiped out over the next 4 hours.

In fact, in the last day, the whole cryptocurrency market lost a whopping $483.16 million, with most of it coming from short bets. The people who lost the most were those who were betting that Bitcoin’s price would go down, losing around $251 million. Betters on a dip in Dogecoin’s price lost nearly $47 million.

Hundal also said that he wouldn’t be shocked if the Bitcoin price adjusts a bit, no matter what the results of the presidential election are. He believes that demand is being directly influenced now, rather than by speculation about price.

Spot buying, the method of buying and holding actual coins rather than making bets on the price, is the main thing pushing Bitcoin’s price up right now.

Meanwhile, traders who focus on options are starting to think that maybe the election-induced price swings might have hit their peak. But, there’s still expectation that the prices might continue to fluctuate about 4-5% daily till all the election results are finalized.

Others in the industry believe that, if Trump wins, Bitcoin will keep on rising since his administration is considered highly positive for cryptocurrency. Some even believe that Bitcoin could potentially reach $100,000 by early 2025. But remember, all investments involve some risk, so do your own research before you decide to make a move in the market.