As the US presidential elections approach, the cryptocurrency market is rallying in anticipation that Republican candidate Donald Trump will win. With Trump’s lead expanding, this is good news for the bulls, but it has caused significant losses for short traders. The largest single liquidation was worth $75 million on Binance.
Bitcoin and other altcoins have experienced impressive gains, with Bitcoin surpassing its previous all-time high of $73,737 to chart a new one at over $75,000. The total crypto market cap has skyrocketed by over 7% to reach $2.6 trillion, but this has led to many over-leveraged traders losing money, especially those with short positions.
Data from CoinGlass shows that almost 110,000 traders have been affected in the past 24 hours, with the total value of liquidated positions reaching $500 million, with short positions accounting for the majority.
