The rally in Bitcoin’s price triggered more than $415 million in cryptocurrency liquidations within one hour on Nov 4, including $330 million in short positions. The digital asset climbed past $80,000 to reach $81,000 following news that Democrats won control of Congress in the midterm elections, a move that returned the token to valuations seen before the Binance hack.
The surge added more than $150 billion to the total crypto market capitalization over 12 hours, a window in which Ethereum rose $210 and $600 million in leveraged positions were liquidated. Prediction market Kalshi now prices a 20% probability that the asset will reach a new all-time high within a year.