- Bitcoin dipped below $69,000, causing $350M in liquidations.
- Trump’s declining odds coincide with Bitcoin’s price drop.
Bitcoin’s price fell below $69,000 on Nov. 3, triggering nearly $350 million in market liquidations as the U.S. presidential election draws closer. This marked the highest trading activity since Oct. 25, when Bitcoin struggled to hold above $70,000.
Data shows that liquidations on Nov. 3 totaled $349.78 million. Long positions accounted for $259.7 million, while shorts added $90.08 million. The sudden market shake-up underscores the uncertainty gripping crypto traders ahead of election day.
Bitcoin has displayed significant volatility over the past week. On Oct. 28, it traded at around $67,700 before climbing above $73,300 on Oct. 29. However, prices fell to $67,719 on Nov. 3, before stabilizing at $69,145 according to CoinMarketCap. This instability reflects traders’ anticipation of election outcomes that could sway crypto policy.
Election Tensions and Bitcoin’s Movement
The U.S. presidential race between Donald Trump and Kamala Harris has influenced Bitcoin’s price behavior. Trump’s odds on Polymarket peaked at 67% on Oct. 30, before falling to 56% by early November. This sharp shift aligns with Bitcoin’s price fluctuation, adding pressure on market participants.
Trump is seen as a pro-crypto candidate. He has pledged to remove SEC Chair Gary Gensler and boost the U.S. as a global crypto hub. This promise appeals to the crypto sector, which views him as a friendlier option. In contrast, Harris has taken a more regulated approach. She supports a comprehensive framework for crypto, focusing on stability and investor protection.
The race remains tight. FiveThirtyEight data shows Harris with a slight 0.9 percentage point lead on Nov. 3. The election outcome may have a profound impact on Bitcoin’s price. Analysts suggest Bitcoin could reach $100,000 if Trump wins. Conversely, Bernstein expects a notable drop by year-end if Harris secures victory.
Crypto trader Daan Crypto Trades noted, “Bitcoin could see at least a 10% move to either direction depending on who wins the election.”
As the Nov. 5 election approaches, Bitcoin traders are preparing for potential price swings. The market remains sensitive to shifts in political sentiment, making the next few days crucial for crypto strategy.
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