Bitcoin (BTC) Price Rallies to a New All-Time High, Increasing Overall Crypto Volatility

The chances of pro-crypto presidential candidate Donald Trump winning have significantly spiked. Some Wall Street analysts have cautioned traders of a potential

Bitcoin price hit a new all-time high on Wednesday morning as cryptocurrency volatility increased overall.

The chances of pro-crypto presidential candidate Donald Trump winning have also risen sharply.

Some Wall Street analysts have warned traders of a possible correction in the coming days.

As the odds of pro-crypto presidential candidate Donald Trump winning rose sharply on Wednesday morning, the cryptocurrency market, led by Bitcoin (BTC) and Dogecoin (DOGE), saw a strong increase.

With a threshold of 270 electoral votes to win the presidential elections, Trump had 246 electoral votes compared to 189 for Kamala Harris at the time of this report, as the former took a lead in major swing states.

As a result, the total crypto market cap rose by more than 6% to hover around $2.57 trillion on Wednesday, November 6, during the early European session. Bitcoin price rose by almost 9% to trade around $74,712 at the time of writing.

Meanwhile, Dogecoin led the altcoin and, more importantly, the meme coin industry in terms of significant gains. Backed by tech billionaire Elon Musk, DOGE price surged by over 25% in the past 24 hours to trade around $0.204 at the time of writing.

Heavy Crypto Liquidations Led by Whale Traders

Amid the ongoing short squeeze, more than $483 million was liquidated from the crypto market in the past 24 hours, following the emergence of FOMO traders.

Out of the total, more than $358 million involved the short traders, who have since turned bullish to attempt to recoup their losses.

Wow!After $BTC hit a new all-time high, a whale shorting $BTC got liquidated for $74.98M!https://t.co/MT0EgNW8ib pic.twitter.com/HUcpwQLc0Z

According to on-chain data analysis by Lookonchain, a whale trader attempted to short Bitcoin as the flagship coin surged to a new ATH, leading to a forced liquidation of nearly $75 million.

Meanwhile, a smart whale deposited 195.4 WBTC, valued at around $14.5 million, into the Binance exchange over the last 2 hours, and managed to secure a $4.48 million profit as Bitcoin hit a new ATH today.

The expected crypto volatility amid the U.S. elections remained unattractive to the majority of whale investors. On Tuesday, the US spot BTC ETFs had a net cash outflow of $116 million, marking the third consecutive day of bleeding.

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