The crypto market saw nearly $350 million in liquidations as Bitcoin briefly dipped below $69,000, reflecting a surge in trader uncertainty ahead of the U.S. presidential election on Nov. 5.
According to CoinGlass data, Nov. 3 saw a total of $349.8 million in liquidations, split between $259.7 million in long positions and $90.1 million in short positions. This marked the highest liquidation event since Oct. 25, when Bitcoin failed to sustain its climb past $70,000.
Bitcoin has experienced significant volatility over the past week. Starting on Oct. 28 at around $67,700, it surged to nearly $73,300 on Oct. 29 before sliding back to a low of $67,719 on Nov. 3. It has since recovered slightly, trading around $69,145 as per CoinGecko.
This market turbulence coincides with tightening odds between U.S. presidential candidates Donald Trump and Kamala Harris on Polymarket, a crypto-centric betting platform.
In early October, Trump became the front-runner on Polymarket, reaching a peak 67% chance of winning on Oct. 30. However, his odds recently dropped to 56% as Harris gained ground.
Trump’s platform is generally seen as crypto-friendly, with promises that include firing SEC Chair Gary Gensler and positioning the U.S. as a global crypto leader. On the other hand, Harris has indicated support for a structured regulatory framework, aiming to appeal to a broad voter base.
Current polling data mirrors Polymarket’s trend, showing Trump and Harris in a tight race, with Harris holding a slight 0.9 percentage point lead as of Nov. 3, per FiveThirtyEight.
Speculation among traders suggests Bitcoin could hit $100,000 if Trump secures the presidency, while some analysts predict a price downturn if Harris wins. In the immediate aftermath of the election, crypto analyst Daan Crypto Trades forecasts that Bitcoin could see at least a 10% price swing, depending on the election outcome.
“I don’t think it really matters. Everything is going up now. The election will pass,” Tapiero stated during a panel discussion at the Permissionless conference in Salt Lake City, Utah.
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