Bitcoin Surges Above $71K as Wild Crypto Market Pump Sees $175M in Shorts Liquidated

BTC added 5% in the past 24 hours, CoinGecko data shows, breaking out of a key $70,000 resistance with $48 billion in trading volumes, or nearly double the volumes from Monday.

Bitcoin price surged above $71,000 on Tuesday morning in Asia, leading broader market gains ahead of the U.S. elections, which traders expect will be a bullish catalyst for the market.

BTC price surged 5% over the past 24 hours, CoinGecko data shows, breaking out of a key resistance at $70,000 with $48 billion in trading volumes – nearly double the volumes recorded on Monday.

The move liquidated over $143 million in shorts, or bets against higher prices, in the past 12 hours, which may have contributed to a price spike higher as traders closed losing bets. BTC shorts lost $73 million, followed by $39 million on ETH shorts, data from CoinGlass shows.

"We see some shorts against the 70k getting liquidated as the market seems to be pricing in increasing certainty of a trump victory," QCP Capital co-founder Darius Sit told CoinDesk in a Telegram message.

CryptoQuant community analyst Mignolet attributed part of the buying demand to whales — a colloquial term for influential traders — on crypto exchange Binance, who are appearing to be net buyers of the asset largely in Asian hours.

Bitcoin exchange-traded funds (ETFs) have further contributed to demand with a net inflow of 47,000 BTC over the past two weeks.

Majors led by dogecoin (DOGE) surged higher. DOGE price jumped 15% on continued Trump popularity, led by shiba inu (SHIB) at 8%. Ether (ETH) price rose by 4.9%, while Cardano’s ADA, Solana’s SOL, and BNB Chain’s BNB jumped by more than 3%.

The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market capitalization, rose 3.3%.

Tuesday’s move higher comes amid a shift of tone ahead of the November elections, with traders expecting BTC to set fresh highs regardless of a Republican or Democrat presidential victory in the U.S.

Traders have long perceived Republican Donald Trump’s victory as a bullish catalyst for the industry for his pro-crypto stance and promises to make the U.S. a bitcoin powerhouse.

Democrat Kamala

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