Bitcoin Tops $71k as Short Traders Suffer Liquidation

TL;DR

• Bitcoin is closing in on its all-time high after adding nearly 4% in the last 24 hours.

• Short traders lost $175 million on Monday following Bitcoin’s rally.

BTC Surges to $71k 

The cryptocurrency market is performing excellently ahead of the upcoming presidential election in the United States. Bitcoin, the leading cryptocurrency by market cap, added nearly 4% to its value in the last 24 hours, enabling it to cross the $71k mark.

Bitcoin could target its all-time high price of $73k and set a new high in the coming hours or days. Analysts believe the upcoming election is a big catalyst for Bitcoin and the broader cryptocurrency market.

Data obtained from CoinGlass showed that the rally led to the liquidation of over $143 million in shorts in the past 12 hours. The liquidations may have contributed to a price spike higher as traders closed losing bets. 

According to CoinGlass, BTC shorts lost $73 million, followed by $39 million on ETH shorts. Overall, short traders lost over $175 million on Monday as BTC and other major cryptocurrencies rallied higher.

DOGE, Dogecoin’s native coin, led the rally on Monday, adding more than 14% to its value. Thanks to its positive performance, DOGE trades above $0.1630 per coin.

The total cryptocurrency market cap now stands at $2.4 trillion, up 3.2% in the last 24 hours.