Bitcoin prices appear to be on the verge of hitting new all-time highs amid a massive rally in the lead-up to the US presidential election.
The price managed to rise to $73,600, less than $200 away from a new high.
This caused major disruption in the derivatives market, leaving $110 million worth of short positions underwater. As of this writing, the price is currently below $73,000, trading up over 4.2% in the past 24 hours alone.
It is also worth noting that the total trading volume of Spot Bitcoin ETFs in the US today reached a whopping $3 billion.
The rally comes just days before the country's most important political event, the presidential election scheduled for November 5.
as crypto potato As reported earlier today, some volatility is expected among market participants given the significance of the election results. Currently, Donald Trump remains the big favorite in the polymarket.
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