30s Summary

Bitcoin recently reached a new record high, surpassing $81,000, and leading to the liquidation of about $180 million in short positions in half a day, according to CoinGlass. The spike in Bitcoin price followed Donald Trump’s U.S. election victory. At the same time, $228 million in long bets were also liquidated. Notably, traders shorting Bitcoin faced the biggest losses, amounting to around $67 million. The surge in Bitcoin’s price also increased its market share to above 59%. The recent bullish trend in crypto has been ascribed to political changes, with the rise being dubbed the “Trump Effect.”

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Folks who were betting on the crypto market to fall got a big surprise as the price of Bitcoin soared to a new record high over $81,000, wiping out quite a bit of money in short positions.

Data from CoinGlass shows that in just half a day, about $180 million bucks in short positions went up in smoke across the crypto market.

The price of Bitcoin continues to ride high following President-elect Donald Trump’s US election win, shooting up over 6% to an all-time high of $81,358 on Nov. 10, according to CoinGecko.

In the last 12 hours, about $180 million bucks of short positions have gone bust from the crypto market.

Those shorting Bitcoin got the worst of it, losing a whopping $67 million, followed by nearly $23 million for those betting against Dogecoin and $21 million for those betting against Ether (ETH).

At the same time, we also saw $228 million in long bets go bust as well. CoinGlass says in the last 24 hours, more than 218,206 positions were liquidated, with the total loss amounting to $682.72 million, including both short and long positions.

The biggest single loss was a hefty $15.56 million by a user on the crypto exchange OKX, who was swapping Bitcoin to Tether (USDT).

It seems that Nov. 6 was a particularly brutal day with the highest number of short positions liquidated, almost hitting $350 million as Bitcoin took a slight dip below $69,000 leading up to the US election.

Bitcoin’s recent moves have also boosted its market dominance above 59%, nearing its high of 60% on Oct. 1, the highest it’s been since April 2021.

The crypto market has been buzzing since Trump’s victory and the win of pro-crypto politicians in the US Senate and House of Representatives for the 2025-2029 term.

The CEO of Australian crypto exchange BTC Markets, Caroline Bowler, thinks the spike in price is part of the “Trump Effect” as everyday investors are getting back into crypto. She noticed a 300% increase in user logins last week, the highest in the past six months.

Onchain analyst James Check says Bitcoin has entered the “Euphoria zone” by smashing through the previous highest price. But he added that Bitcoin is doing so, “with a relatively cooled down Market Value to Realized Value Ratio.” Seems like investors are getting comfortable with these higher prices, which sets a sturdy stage for future growth.