Donald Trump liquidates the shorts. It’s hard to miss the election of Donald Trump as the 47th President of the United States. Even more so in the cryptocurrency sector, with a simultaneous rise in Bitcoin to new heights. A scenario predicted by many analysts, the unfolding of which, however, remains to be seen. confirm over time. At the same time, bearish traders are taking the hit. In fact, the positions « short » in the futures market record almost 200 million dollars liquidations in the last hours.
The key points of this article:
- Donald Trump was elected the 47th President of the United States, sparking a historic rise in Bitcoin.
- Short positions in futures contracts took a hit with nearly $200 million in liquidations.
Bitcoin explodes following the election of Donald Trump
Barely the announcement of the election of Donald Trump was it made official that Bitcoin records a new all-time high just above $75,000. A surge for the moment has subsided, but the bullish trend long-awaited could well be (finally) underway.
Because the arrival in power of the Republican camp opens positive outlook for the cryptocurrency market. Particularly with a Congress that has become very largely pro-crypto in the wake of the victory of the Trump camp.
Bitcoin Records New ATH – Trading View
A situation that benefits traders positioned upwards (long) on the futures market. But a little less for the most pessimistic, with bearish positions (shorts) largely liquidated over the last few hours.
“The spot market is soaring and the shorts are getting hit. Traders are betting on a return of summer to the cryptocurrency market, and that’s almost all the buying action on our order books right now. »
Pav Hundalsenior analyst for the Swftyx exchange
“Short” positions are liquidated immediately
The data comes from the Coinglass website. And they highlight a significant movement of liquidations in the Bitcoin futures market. This directly in the wake of US presidential election result.
Liquidations on the Bitcoin market (12 p.m.) – Coinglass
In fact, a total of $197.77 million of positions short was liquidated in the last few hours. And among the affected traders, one position alone accumulates $74.98 million in losses on the Binance platform.
A painful assessment, all the more so if we consider that liquidation data from centralized exchanges is largely “underreported”. Regardless, this allows the Bitcoin to record a new peak. And why not initiate a sustainable uptrend for the end of the year.
