$75 million Binance liquidation hits amid Bitcoin surge
The cryptocurrency market saw a sharp rise as Bitcoin’s (CRYPTO:BTC) price hit a new all-time high, fueled by optimism surrounding Republican candidate Donald Trump’s growing lead in the U.S. presidential election.
Bitcoin surged past its previous high of $73,737, reaching over $75,000, according to CoinGecko data.
Other cryptocurrencies followed suit, with notable gains including UNI (CRYPTO:UNI) (35%), DOGE (CRYPTO:DOGE) (25%), POPCAT (CRYPTO:POPCAT) (24%), BONK (CRYPTO:BONK) (23%), and WIF (CRYPTO:WIF) (21%).
This surge proved costly for many short traders, especially those who bet against Bitcoin’s climb.
Data from CoinGlass indicates that approximately 110,000 traders faced liquidations in the past 24 hours, amounting to a total of $500 million in liquidated positions.
Notably, short positions accounted for most of these losses, as the market responded to Trump’s perceived pro-crypto stance.
Among the liquidations, the largest single position was worth $75 million on Binance’s BTC/USDT trading pair.
Crypto X suggested that this position likely belonged to a significant investor, or “whale,” who bet against Trump’s success in the election.
This unexpected surge in Bitcoin’s price contributed to this substantial loss.
With Trump holding 247 electoral votes against Democratic opponent Kamala Harris’s 214 at the time of reporting, market sentiment appeared to favor his return to office.
The total cryptocurrency market capitalisation also surged, climbing over 7% to reach $2.6 trillion as altcoins and Bitcoin showed strong upward momentum.
At the time of reporting, the Bitcoin price was $74,489.14.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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