In the past week, the cryptocurrency market experienced a sharp decline after a surge, dropping from $73,660 per coin, consecutively breaking through the integer thresholds of $73,000, $72,000, and $71,000, with a minimum drop below $70,000 to $67,446 per coin. The latest price is $68,998 per coin.
Bitcoin Price Chart
Other cryptocurrencies in the market are all experiencing a sharp decline. PIXFI dropped 20.8% in 24 hours, TOMI dropped 20.7% in 24 hours, and CARV dropped 19.3% in 24 hours. More than ten cryptocurrencies have dropped over 10%.
Cryptocurrency Volatility
According to Coinglass data, in the past 24 hours, a total of 145,400 people in the cryptocurrency market were liquidated, with a total liquidation amount of $363 million (approximately 2.5 billion RMB), including $260 million in long positions and $67.48 million in short positions. The largest single liquidation amount was $9.97 million.
145,000 people liquidated
The recent surge in Bitcoin is closely related to the dynamics of the U.S. election.
During his campaign, Trump claimed that if he could return to the White House, he would list Bitcoin as a strategic reserve asset for the U.S. and make America the 'global cryptocurrency capital.' Harris also chose a different path from Biden, vowing to support cryptocurrencies. According to the China Fund News, given Trump's enthusiasm for the crypto industry, the industry spent a significant amount of money to promote its agenda during the campaign, with Bitcoin also being referred to as the 'Trump trade.' As Trump maintains a lead in prediction markets, Bitcoin has also 'risen with the tide.'
Bloomberg points out that Trump embraced the digital asset industry during his campaign, boosting cryptocurrency sentiment, but the question is whether the impact of his broader priorities will temper this optimism. According to CCTV News, based on data from the University of Florida’s election lab, as of the afternoon of November 3 local time, over 76.46 million voters across the United States had cast early votes for the 2024 presidential election, with North Carolina's early voting rate reaching a historic high, with over 4.2 million ballots cast at polling stations.
According to polls, Harris currently leads Trump with a support rate of 49% to 48%, but with only a few days left before the election, there is still room for changes in support, as about 10% of potential voters and 16% of registered voters indicate they are still weighing their options.
