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Bitcoin’s surge to a historic high of $81,358 has sent short traders scrambling, with $180 million in bets liquidated in hours. The powerful rally, spurred by the recent U.S. election results, has reawakened the crypto market’s bullish momentum and shaken up investor sentiment.pnta ko dyn may
Bitcoin's Price Surge Leaves Short Traders Reeling
When Bitcoin's price soared to a record high above $81,000, many crypto traders who had gambled on a market decline lost a lot of money because they liquidated their positions.
According to data compiled by CoinGlass, the cryptocurrency market saw the liquidation of around $180 million worth of short bets in the past 12 hours.
CoinGecko Reports Record High for Bitcoin
According to CoinGecko, Bitcoin's price reached a new all-time high of $81,358 on November 10, a gain of almost 6% following President-elect Donald Trump's US election victory.
The short sellers of Bitcoin took the biggest hit, with $67 million in liquidated positions. Then came the short sellers of Dogecoin, with around $23 million, and Ether, with $21 million.
Liquidations Impact Both Long and Short Bets
Also liquidated were long bets totaling $256 million. The total amount of liquidated positions, including both long and short positions, reached $682.7 million in the last 24 hours, according to CoinGlass, with at least 218,206 traders involved.
One OKX user's trade of Bitcoin for Tether accounted for the largest single liquidation, at $15.6 million.
Market Swings Raise Bitcoin's Dominance
As Bitcoin momentarily fell below $69,000 in the days leading up to the US election on November 6, the greatest amount of short positions liquidated in the past 30 days reached about $350 million.
The analytics platform TradingView reports that Bitcoin's market dominance has risen beyond 59% again, nearing its all-time high of 60% on October 1—the highest level since April 2021—as a result of recent swings.
Crypto Sentiment Soars with Pro-Crypto Lawmakers
Regarding this, the crypto greed index reaches a seven-month high as Bitcoin soars above $81,000.
Since Trump's victory and the election of pro-crypto lawmakers to the Senate and House of Representatives, market sentiment has been generally upbeat.
"Trump Effect" Fuels Retail Investor Return
Cointelegraph was informed by Caroline Bowler, CEO of BTC Markets, an Australian cryptocurrency exchange, that the price surge was a result of the "Trump Effect" due to the resurgence of crypto investment by retail investors.
At the national level, she stated that last week there was a 3000% jump in user logins to BTC Markets, which is "the highest in the past six months — signaling the return of retail investors as Trump’s political resurgence reverberates through global financial markets."
Analyst Notes Bitcoin's Entry into Euphoria Zone
James Check, an onchain analyst, wrote to X on November 10 that Bitcoin had successfully broken over the previous cycles' ATH and was now in the "Euphoria zone."
"However, it is doing so with a relatively cooled down Market Value to Realized Value Ratio," he remarked.
"The 8-months of chopsolidation allowed investors to acclimate to higher prices, forming a firm foundation for launch," Check said.
