Bitcoin Hits $81,000 Milestone Amid US Election Short Squeeze
Bitcoin surged past $80,000 and touched $81,000 on Wednesday, recovering from an election-night low of $75,600. The move comes as markets react to a Democratic sweep of the US Congress, triggering a massive short squeeze across the crypto market.
Liquidations totaled $950 million in 24 hours, with $560 million coming from short positions. Bitcoin alone saw $403 million in liquidations, including a single-hour spike of $215 million in shorts being wiped out as prices climbed.
Analysts describe the rally as a relief move following the removal of election uncertainty. While spot Bitcoin ETFs saw $115.6 million in outflows on Tuesday, the price surge was supported by a broader stock market rally and a 9% drop in oil prices.
#Bitcoin #CryptoNews #MarketUpdate #BTC
Bitcoin surged past $80,000 and touched $81,000 on Wednesday, recovering from an election-night low of $75,600. The move comes as markets react to a Democratic sweep of the US Congress, triggering a massive short squeeze across the crypto market.
Liquidations totaled $950 million in 24 hours, with $560 million coming from short positions. Bitcoin alone saw $403 million in liquidations, including a single-hour spike of $215 million in shorts being wiped out as prices climbed.
Analysts describe the rally as a relief move following the removal of election uncertainty. While spot Bitcoin ETFs saw $115.6 million in outflows on Tuesday, the price surge was supported by a broader stock market rally and a 9% drop in oil prices.
#Bitcoin #CryptoNews #MarketUpdate #BTC