Cryptocurrency experts record record liquidation of digital assets worth hundreds of millions of dollars

The cryptocurrency market has been experiencing significant fluctuations lately, which have led to massive liquidations of positions. According to CoinGlass, the volume of liquidations reached $ 349.8 million on November 3. In particular, long positions worth $ 259.7 million and short positions worth $ 90.1 million were closed. This volume was the largest since October 25, when Bitcoin failed to keep the level above $ 70,000.

Over the past week, the market leader’s rate has fluctuated from $ 67,700 to almost $ 73,300, but on November 3, it fell to $ 67,719. Currently, the cryptocurrency has recovered and is trading around $ 68,744, according to CoinGecko.

Bitcoin’s price fluctuations occur amid an escalating struggle between candidates in the US presidential election. Donald Trump, who is supported by a large part of the crypto industry, had a peak probability of winning of 67% on October 30 on the Polymarket betting platform, but this figure has dropped to 56%. His opponent, Kamala Harris, is proposing a more regulated approach to the crypto market.

Analysts disagree on how the election result will affect the bitcoin rate. Some traders believe that if Trump wins, the cryptocurrency could rise to $ 100,000, while Bernstein analysts warn of a possible price drop if Harris wins.

In the near future, according to a trader at Daan Crypto Trades, Bitcoin could show significant movements of 10% in either direction depending on the election results.