Close Menu
CryptoHoppers.comCryptoHoppers.com
    What's Hot

    Do Kwon’s extradition to S.Korea and US approved by Montenegro court

    November 24, 2023

    Paypal Ventures-Backed Mesh Partners With Conio to Launch Open Banking Solutions for Bitcoin in Europe

    July 3, 2024

    ICP price eyes $14: Are predictions calling for a happy new year?

    January 4, 2024
    Facebook X (Twitter) Instagram
    • Privacy Policy
    • Get In Touch
    Facebook X (Twitter) Instagram
    CryptoHoppers.comCryptoHoppers.com
    • News

      UAE Rejects $100K Crypto Visa Program as TON’s Staking Plan Triggers Regulatory Backlash

      July 8, 2025

      Digital trade tensions take center stage between the U.S. and South Korea

      July 7, 2025

      Traders Gear Up: FOMC Prep Signals Bitcoin, Altcoin Buying Frenzy

      July 6, 2025

      Bitcoin: Here's why BTC might fall to $105K despite all the hype

      July 5, 2025

      Crypto Analyst Says Bitcoin Will ‘Leave People in Awe’ Once BTC Breaks Out, Outlines Path Forward for XRP

      July 4, 2025
    • Technology

      CleanSpark Doubles Bitcoin Mining Power After Georgia Expansion

      July 8, 2025

      Dogecoin price double bottoms as whale accumulation continues

      July 7, 2025

      Comment on Metaplanet Joins Top 5 Bitcoin Holders With 13,350 BTC as Stock Surges 10% by Bitcoin Treasuries Boom as Firms Add 8,400 BTC in Just One

      July 6, 2025

      Sonic Unveils New Consensus Protocol, Promising 2x Speed and 68% Less Memory Use

      July 5, 2025

      Why are Bitcoin and altcoins going down today?

      July 4, 2025
    • Learn/Guide

      Cardano Foundation unveils blockchain-based tool to simplify audit compliance and enhance financial reporting

      July 8, 2025

      Plume Network brings real-world yield to TRON’s global payment ecosystem via SkyLink integration

      July 7, 2025

      TON introduces UAE Golden Visa program through crypto staking, Toncoin soars 13%

      July 6, 2025

      Russia’s industrial powerhouse Rostec to launch ruble-backed token on Tron

      July 5, 2025

      Dormant Bitcoin whale activates after 14 years and moves 60,000 BTC

      July 4, 2025
    • NFTs

      1mouth Analog: miirror’s Raw Leap from Digital to Handmade Chaos | NFT CULTURE | NFT News | Web3 Culture

      May 9, 2025

      NFTCulture Expands Into TCGs with Cardcore.xyz: Where Digital Collectibles Meet Competitive Play | NFT CULTURE | NFT News | Web3 Culture

      May 8, 2025

      From Moonshots to Broken Links: The Rise and Fall of CloneX | NFT CULTURE | NFT News | Web3 Culture

      April 24, 2025

      Pacific Spirit: Vinyl Meets Code in a Groundbreaking Generative Drop on Art Blocks | NFT CULTURE | NFT News | Web3 Culture

      April 16, 2025

      Daizen: Elevating the NFT Multiverse on Apechain Blockchain | NFT CULTURE | NFT News | Web3 Culture

      December 5, 2024
    • Regulation

      SEC Drops Binance Lawsuit: How Regulatory Clarity Could Spark a BNB Price Rally

      May 30, 2025

      Kentucky Governor Signs Off On ‘Bitcoin Rights’ Bill, Strengthening Crypto Protections

      March 31, 2025

      Utah Moves Closer To Bitcoin Reserve As Bill Advances To Senate Standing Committee

      February 23, 2025

      Bitcoin ETFs In Focus As Kansas Senator Proposes Up To 10% Pension Fund Allocation

      January 26, 2025

      MicroStrategy May Face Tax Issues Over $19 Billion Unrealized Bitcoin Gains: Report

      January 25, 2025
    • Business

      Sri Lanka’s E-commerce Platform Kapruka to Introduce Crypto Payments

      November 17, 2024

      Leading Eastern European Exchange Exmo Sells Business in Russia, Belarus

      November 16, 2024

      Bank of Russia to Launch Digital Ruble Payment Infrastructure by July 2025

      November 15, 2024

      Bitcoin Mining Company Mara Holdings Now Holds 26,747 Bitcoin: Q3 Earnings Report Reveals

      November 14, 2024

      Brazil Prepares to Let Tradfi Institutions Embrace Crypto

      November 13, 2024
    • Live Pricing
    CryptoHoppers.comCryptoHoppers.com
    Home » Bitcoin’s Dip Below $69,000 Triggers Over $200 Million In Liquidations
    News

    Bitcoin’s Dip Below $69,000 Triggers Over $200 Million In Liquidations

    November 5, 20243 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Bitcoin
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Bitcoin (BTC) crashed below $69,000 on Sunday resulting in significant levels of market liquidations. Interestingly, analysts have also noted a correlation of this decline with a decrease in the winning odds of US Republican presidential candidate Donald Trump ahead of the general elections on November 5.

    Bitcoin Price Fall Induces $232.6 Million In Liquidations

    In the last few days, Bitcoin has witnessed some significant price re-correction following a prolonged price rally in October during which it gained by 20%. The price of the premier cryptocurrency initially dropped from above $73,000 on Friday finding support around the $69,000 region.

    Following a a brief period of sideways movement, BTC experienced another significant decline on Sunday reaching a local bottom of $67,960. Amidst this price drop, crypto analyst Ali Martinez noted that the 104,787 trading positions were liquidated resulting in a loss of $232.6 million.

    Data shared by Martinez showed that long traders accounted for majority of these figures with $198.6 million in liquidations while only $34 million in short positions were closed. This development means that more traders had anticipated a rebound by the crypto market leader following its initial price pullback on Friday.

     

    Source: ali_charts on X

    At the time of writing, Bitcoin has retraced to above $68,000 with little indication of its next price movement. If its current downtrend persists, the premier cryptocurrency could fall as low as $55,000 in line with a range-bound movement that has lasted over the past eight months. 

    Alternatively, Bitcoin could undergo a price recovery returning to levels within its all-time high at $73,750 value as bullish sentiments remain on the high amidst heightened ETF inflows, a fast-approaching US election, and an anticipated Fed rate cut of 25 basis points.

    Is A Potential Trump Loss A Threat To Bitcoin?

    So far, Bitcoin’s decline on Sunday has found a correlation with a decrease in the winning probability of US presidential candidate and crypto activist Donald Trump. According to data from Polymarket, Trump’s chances of emerging victorious in the presidential elections on November 5 dropped by 4.3% after his opponent Democrat candidate and US Vice President Kamala Harris became the favorite to win in Pennsylvania.

    Although the pro-crypto Donald Trump remains the forerunner to emerge president with a 53.8%  to Harris’s 46.1%, recent price reactions by Bitcoin have shown a potential loss by the Republican could exert a significant price decline for the crypto market leader. Albeit, historical price data indicates that such a downturn would likely be temporary as Bitcoin has consistently embarked on a bullish trajectory following the US elections regardless of the result.

    At the time of writing, BTC now trades at $68,471 reflecting a price loss of 1.38% in the past 24 hours. Meanwhile, the asset’s daily trading volume is down by 40.54% and valued at $24.40 billion.

    Bitcoin
    BTC trading at $68,416 on the daily chart | Source: BTCUSDT chart on Tradingview.com

    Featured image from Yahoo Finance, chart from Tradingview



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    UAE Rejects $100K Crypto Visa Program as TON’s Staking Plan Triggers Regulatory Backlash

    July 8, 2025

    Digital trade tensions take center stage between the U.S. and South Korea

    July 7, 2025

    Traders Gear Up: FOMC Prep Signals Bitcoin, Altcoin Buying Frenzy

    July 6, 2025

    Bitcoin: Here's why BTC might fall to $105K despite all the hype

    July 5, 2025
    Top Posts

    Ledger co-founder addresses ‘Recover’ concerns, says wallet is secure

    May 20, 2023

    Messari reports strong Q1 for TRON with record revenue, $19B daily USDT volume

    April 16, 2025

    Michael Saylor says he supports Bitcoin self-custody for all amid community outrage

    October 24, 2024

    Welcome to CryptoHoppers.com! Stay informed with the latest updates, trends, and insights from the dynamic world of cryptocurrencies. From Bitcoin to altcoins, blockchain technology to decentralized finance (DeFi), we cover it all. Discover expert analysis, market trends, regulatory developments, and exciting innovations shaping the crypto industry.

    Top Insights

    UAE Rejects $100K Crypto Visa Program as TON’s Staking Plan Triggers Regulatory Backlash

    July 8, 2025

    Digital trade tensions take center stage between the U.S. and South Korea

    July 7, 2025

    Traders Gear Up: FOMC Prep Signals Bitcoin, Altcoin Buying Frenzy

    July 6, 2025
    Advertisement
    Demo
    CryptoHoppers.com
    Facebook X (Twitter) Instagram
    • News
    • Technology
    • Learn/Guide
    • Regulation
    • NFTs
    • Business
    • Live Pricing
    © 2025. Designed by CryptoHoppers.com.

    Type above and press Enter to search. Press Esc to cancel.