The cryptocurrency market faced a significant shake-up on November 3, with a record $350 million in liquidations as Bitcoin’s price unexpectedly dropped below $69,000. This dip comes amid investor concerns ahead of the upcoming U.S. presidential election on November 5.
According to data from CoinGlass, a total of $349.8 million in crypto positions were liquidated, with $259.7 million in long positions and $90.1 million in short positions. This marks the highest liquidation day since October 25, when Bitcoin struggled to maintain gains above the $70,000 mark.
Bitcoin has seen sharp price fluctuations over the past week, rising from around $67,700 on October 28 to nearly $73,300 the following day, before falling back down to a low of $67,719 on November 3. Since then, it has recovered slightly and is currently trading at $68,779, according to CoinGecko.
The price volatility is unfolding as the gap narrows between U.S. presidential candidates Donald Trump and Kamala Harris on Polymarket, a crypto-based prediction platform.
The crypto community largely views Trump as a favorable candidate, given his campaign promises to remove SEC Chairman Gary Gensler and position the United States as a global crypto hub. In contrast, Harris has adopted a more moderate stance, advocating for clear regulatory frameworks in her outreach to Black voters.
Speculation is high, with some traders predicting Bitcoin could hit $100,000 if Trump wins. Analysts at Bernstein suggest that a Harris victory, however, might lead to a significant Bitcoin price drop by year-end. Right after the election, crypto trader Daan Crypto Trades anticipates at least a 10% Bitcoin price movement in either direction, depending on the outcome.
As election day approaches, investors remain on edge, impatiently watching the intersection of U.S. politics and crypto markets closely.
