Bitcoin Dips Below $69,000, Pushing Liquidations Above $300 Million
Bitcoin Cools Off After Last Week’s Massive Rally
After starting last week on a high note, Bitcoin saw its bullish momentum cool off over the weekend, dipping to $67,603 on Sunday, according to CoinGecko data. Its latest downtrend comes as winning odds for pro-crypto presidential candidate Donald Trump decline ahead of Tuesday’s elections.
However, Bitcoin bulls have shown their strength at low levels in the past 24 hours, pushing the coin to $68,985 as of this writing. Last Tuesday, BTC reached $73,530 for the first time since March this year, thanks to Bitcoin ETFs’ strong performance as investors poured billions of funds into the new investment vehicles. Notably, BlackRock’s ETF iShares Bitcoin Trust was the biggest beneficiary.
Why Did Bitcoin’s Price Slip?
By Thursday, Bitcoin had started to cool off, plummeting below $68,000 as doubts around the possibility of crypto fan Donald Trump occupying the White House began to grow. That day, prominent pollster Ann Selzer released a new poll suggesting that Trump could lose the Iowa state to his closest rival, Vice President Kamala Harris. According to the poll, Harris’ odds of securing Iowa had surged to 44%.
While other polls showed that Trump could win Iowa as he has done in the past two elections, many crypto enthusiasts chose to believe Selzer’s research, mainly because FiveThirtyEight rates her among the best pollsters.
Kamala Harris’ Winning Odds Surge
Selzer’s new poll has caused Trump’s dominant lead on betting platforms like Kalshi and Polymarket to collapse. Last Wednesday, the Republican candidate’s winning odds stood at 67%, while Harris had only a 33% chance of winning tomorrow’s election. However, Harris’ winning odds have surged to 46% as Trump’s drop to 54% at press time, data from Polymarket shows.
Over at the Kalshi prediction market, which now allows users to place bets with the USDC stablecoin, Trump’s chances of defeating Harris stand at 51%. Notably, Harris briefly took the lead on Sunday afternoon.
The latest developments, which have led Bitcoin to trade below $69,000, have also brought massive losses to crypto traders. According to CoinGlass data, traders with long positions have lost $315 million after getting liquidated.
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