Bitcoin, Ethereum, Dogecoin Reverse As Trump’s Odds Fall On Betting Markets: Trader Says ‘Bull Run Will Begin’ For This Crypto After The Election
Leading cryptocurrencies retraced over the weekend as the probability of Donald Trump winning the presidential election fell sharply in prediction markets.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -1.21% | $68,324.16 |
| Ethereum (CRYPTO: ETH) |
-1.93% | $2,438.68 |
| Dogecoin (CRYPTO: DOGE) | -4.17% | $0.1519 |
What Happened: Bitcoin slipped to a low of $67,500 in the morning hours, a sharp reversal from its near-new highs last week. The leading cryptocurrency recovered to $68,000 late evening.
The pullback looked to be associated with Trump’s declining odds on prediction markets, including Polymarket, which gave him a 54% chance of winning, down from 66% on Oct. 30.
Total cryptocurrency liquidations blasted above $362 million over the last 24 hours, with $264 million in leveraged longs getting wiped out.
Bitcoin’s Open Interest rose 1.45% in the last 24 hours. An increase in OI, coming alongside a dip in price, indicated a surge in short selling.
Additionally, more than 61% of all derivatives traders with open positions were short on Bitcoin, according to the Long/Short Ratio.
That said, the market sentiment remained in the “Greed” category, as per the Cryptocurrency …
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