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In summary
- The price of Bitcoin rose above $70,500 on Tuesday, but then fell below $69,000.
- Dogecoin (DOGE) is up 7% and Solana (SOL) and Avalanche (AVAX) are up around 5%.
- $248 million in Cryptocurrency futures were liquidated in the last 24 hours, with $145 million in long positions.
Bitcoin’s price has been rising throughout the day amid Election Day volatility, but other cryptocurrencies are seeing even bigger gains.
BTC jumped above $70,500 on Tuesday, but then fell below $69,000, stabilizing at a price of around $69,400 at the time of this writing. It is still up 3% in the last 24 hours, according to data from CoinGecko. Over the past seven days, Bitcoin has fallen 4% after a near all-time price record last week.
But some major altcoins have risen even higher, with Dogecoin (DOGE) rising 7% to a price just below $0.17, and Solana (SOL) and Avalanche (AVAX) rising around 5% and other meme cryptocurrencies like BONK and Cat in a Dog’s World (MEW) outperforming Dogecoin on a turbulent day.
Industry observers and traders expect Bitcoin to rise or fall significantly in the coming days, following the results of the US election.
Republican candidate and former President Donald Trump has called himself the pro-crypto candidate this year, saying he wants all future Bitcoin to be on American soil and promising to protect the fledgling industry. Current Vice President and Democratic candidate Kamala Harris has said little about digital assets, but has signaled plans to be friendlier than Joe Biden’s administration (in which she serves) and has said she will push for regulations.
In the last 24 hours, $248 million in cryptocurrency futures have been liquidated across assets, according to data from CoinGlass. Of that figure, around $145 million in long positions, that is, traders speculating that the future price of digital currencies and tokens will rise, have had their bets closed. A total of $103 million were short positions.
In total, more than $69 million worth of Bitcoin positions were liquidated, with short positions outnumbering long positions at the time of this writing.
Bloomberg ETF analyst Eric Balchunas told Decrypt that Bitcoin was a good asset to watch today amid the Election Day action, as it has been mentioned a lot by Donald Trump during his election. The March approval of spot Bitcoin exchange-traded funds (ETFs) has allowed more investors than ever to gain exposure to the cryptocurrency.
Edited by Andrew Hayward
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