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Bitcoin’s price seems to be on the verge of achieving a new all-time high in a massive rally leading up to the US Presidential elections.This has caused considerable turmoil in the derivatives market, leaving over $110 million worth of short positions underwater. At the time of this writing, the price has now retraced below $73,000, trading at an increase of over 4.2% during the past 24 hours alone.
It’s also worth noting that the total trading volume for spot Bitcoin ETFs in the US today reached a whopping $3 billion. This rally comes days before the country’s most important political event: the presidential elections, which are scheduled for November 5th.earlier today, volatility is somewhat expected amongst market participants, given the importance of the election outcome. Currently, Donald Trump remains a heavy favorite on Polymarket.
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