The crypto market saw nearly $350 million in liquidations as Bitcoin dipped below $69,000, with traders appearing on edge ahead of the upcoming U.S. presidential election on Nov. 5. On Nov. 3, liquidations reached $349.8 million, split across $259.7 million in long bets and $90.1 million in short bets, according to CoinGlass.
This marked the largest day of liquidations since Oct. 25, when Bitcoin couldn’t maintain a rally above $70,000. Bitcoin’s price has been on a rollercoaster over the past week. Starting at about $67,700 on Oct. 28, it shot up to nearly $73,300 by Oct. 29. Over the next few days, it dipped to a low of $67,719 on Nov. 3, but quickly bounced back, now trading at $69,145, according to CoinGecko.
Crypto market reacts as Trump and Harris battle
Bitcoin’s price swings are happening as the race between U.S. presidential hopefuls Donald Trump and Kamala Harris tightens on Polymarket, a crypto-based betting platform. In early October, Trump took the lead over Harris as the top contender, with his chances hitting a peak of 67% by Oct. 30. But since then, his odds have pulled back significantly to 56%.
The crypto industry sees the Republican presidential candidate as more supportive, especially with Trump’s promise to remove SEC Chair Gary Gensler and turn the U.S. into a global crypto hub. Meanwhile, Democratic candidate Harris has taken a more cautious stance, saying she’d back a regulatory framework for crypto as part of her outreach to Black male voters.
Trump’s odds of winning on Polymarket are now more in line with recent polling, which shows he’s nearly tied with Harris, who held a slim 0.9-point lead on Nov. 3, according to FiveThirtyEight. Some traders are betting that a Trump win could drive Bitcoin to $100,000, while Bernstein analysts suggest that a Harris victory might lead to a significant drop in Bitcoin’s value by the end of the year.
Right after the election, crypto trader Daan Crypto Trades predicted that Bitcoin could swing at least 10% in either direction, depending on who wins.
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