Dogecoin traders have lost over $65 million in 24 hours amid the largest liquidation event in this year so far. This development came as the DOGE price crashed violently after climbing to as high as $0.43 on Sunday. Dogecoin Traders Lose Over $60 Million In 24 Hours Coinglass data shows that Dogecoin traders have lost over $65 million in the last 24 hours. Traders who went long on DOGE suffered the most, with $54.81 million in long positions liquidated during this period. Short traders accounted for the remaining loss, with $7.90 in short positions liquidated. Related Reading: Dogecoin ‘Power Of 3’ Pattern Enters Distribution Phase: Massive Bull Run Incoming? These short liquidations likely occurred earlier on Sunday, when the Dogecoin price reclaimed the $0.40 support level and rebounded to as high as $0.43. However, the price action took a drastic turn later in the day, crashing from the intra-day high of around $0.43 to as low as $0.35, leading to the flush in long positions. Dogecoin traders weren’t the only ones who suffered significant losses. Other crypto traders lost substantial sums as the crypto market witnessed its largest liquidation event this year, with over $1 billion liquidated in the last 24 hours, according to Coinglass data. Long traders took the most hit, with $903.59 million in long positions liquidated. Meanwhile, $260 million in short positions were liquidated. These liquidations occurred as the Bitcoin price dropped from as high as $106,000 to $100,000, dragging other coins, including Dogecoin, along with it. This price drop across the board occurred mainly due to the US First Lady Melania Trump’s launch of her meme coin, ‘MELANIA,’ which drained liquidity from other coins in the market. Dogecoin traders were also bound to take a significant hit considering DOGE’s strong price correlation with BTC. As such, a Dogecoin price crash was inevitable as the flagship crypto nosedived to as low as $100,000. The Cycle Is Not Over Crypto analyst Kevin Capital provided optimism for Dogecoin traders, stating that the cycle is not over. The analyst also reminded those upset at Donald Trump and his team about the ‘TRUMP’ and ‘MELANIA’ meme coins that Dogecoin could easily have remained at $0.11 if the incoming president had not won the elections instead of Kamala Harris. Related Reading: Crypto Analyst Predicts When Dogecoin Price Will Hit $3 This Cycle As such, he urged Dogecoin investors and traders to be grateful for how far DOGE has come since November 5th, 2024, when Trump won the elections. Indeed, Trump’s victory was the primary catalyst for Dogecoin’s gains last year. The foremost meme coin had maintained a tepid price action for most of last year until Elon Musk’s Department of Government Efficiency (D.O.G.E), coined from DOGE, looked likely to come to life as Trump led the polls. At the time of writing, the Dogecoin price is trading at around $0.36, down over 8% in the last 24 hours, according to data from CoinMarketCap. Featured image from Unsplash, chart from Tradingview.com
The SEC chair is set to leave office in six days, the same day Donald Trump is scheduled to be inaugurated as president in Washington, DC.
The prediction market has listed contracts for betting on events including a prospective Trump impeachment.
Quinn Thompson, the founder of crypto hedge fund Lekker Capital, shared with CoinDesk why he was so confident Trump would win despite concerning polls.
Bitcoin (BTC) whales appear to be offloading some of their holdings ahead of the closely contested 2024 US presidential election. 2% Fall In BTC Held By Whale Addresses In a post on X, crypto analyst Ali Martinez shared that Bitcoin whales – wallet addresses holding a significant amount of BTC – are “dialing back exposure” ahead of what is likely to be a very closely contested US presidential election. Related Reading: Bitcoin Price Crash Below $70,000: What Does It Have To Do With Whales And The US Presidential Elections? According to the analyst, there has been a 2% decrease in the number of wallet addresses holding 1,000 or more BTC. Notably, since May, the number of Bitcoin whales was at its highest during mid-October when Republican presidential candidate Donald Trump was the overwhelming favorite to emerge victorious. At the time of writing, decentralized prediction markets platform Polymarket gives Trump a 62.7% chance of winning, while Democratic candidate Kamala Harris has a 37.4% chance of becoming the next US president. Bitcoin whales selling some of their BTC holdings as Americans prepare to vote could indicate a cautious approach, possibly to mitigate potential price volatility tied to the elections. Bitcoin Whales Expecting Price Volatility? The selloff might suggest that Bitcoin whales foresee a stricter regulatory environment for digital assets following the elections. This concern may not be unfounded, as the Biden administration has faced accusations of adopting a hostile stance toward the digital assets industry. Related Reading: Bitcoin Price Decline Worsens: Could It Be Setting Up for Major Reversal? On the contrary, Trump has repeatedly promised to make the US the “crypto capital of the world” during his election campaign. In addition to the whale selloff, long-term BTC holders appear to be disposing of their holdings. According to recent analysis, more than 177,000 BTC were sold by long-term holders in the last seven days. Another scenario worth considering is that any further decline in whale addresses’ BTC holdings without a corresponding drop in price could indicate that retail investors are stepping up to buy the digital asset. Notably, demand for Bitcoin among retail investors has been on a steady uptrend since September 2024. According to a recent report, retail demand for BTC rose 13% in the past month, reflecting a shift in the market’s risk appetite from risk-off to risk-on. Martinez also brought attention to BTC’s TD sequential on the 12-hour chart and how it is flashing a buy signal. For the uninitiated, TD sequential is a technical analysis indicator used to identify potential price exhaustion points and trend reversals in financial markets. That said, a Trump victory might not be the silver bullet for Bitcoin’s tumbling price, as it is critical for the top digital asset to hold the $68,000 support level to avoid slipping to $63,000. At press time, BTC trades at $69,595, up 1.3% in the past 24 hours. Featured image from Unsplash, Charts from X and Tradingview.com
Donald Trump was not always a cryptocurrency fan, but the community has rallied around him as a pro-crypto candidate in the 2024 US presidential election.
Buoyed by donations and votes from a digital asset industry he aggressively courted, Trump won a second term to the White House in his third bid for the U.S.'s highest office.
Having $169 million to spend on U.S. congressional elections can produce fast results in Washington, as the crypto sector's campaign-finance blitz this year helped rid it of a powerful Democratic senator who stood in the way of legislation and also populated Congress with a large number of new friends.
Follow Cointelegraph’s live updates on the 2024 US election and its potential impact on crypto regulations, markets and the future of digital assets.
Up-to-the minute coverage on the presidential and congressional races and how they stand to shape crypto legislation and regulation from CoinDesk.
Dogecoin price has rallied since October, and data suggests it's set to go much higher.
It is Election Day in the U.S. At some point in the coming hours, days and weeks, we'll know which major party wins control of the House of Representatives, the Senate and the White House. Presidential candidates Kamala Harris and Donald Trump might get most of the headlines, but which political party controls Congress probably means a lot in terms of how cryptocurrencies will be treated in the nation, especially in the short term.
Bitcoin (BTC) exchange-traded funds (ETFs) have collectively acquired over one million BTC in less than a year since their launch, reflecting strong demand for the digital asset among investors. Bitcoin ETFs Surpass One Million BTC Milestone According to a chart shared by crypto analyst Ali Martinez on X, the cumulative BTC holdings in Bitcoin ETFs have exceeded one million BTC within this short period. To recall, after a lot of deliberation, the US Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs earlier this year in January. To say that Bitcoin ETFs have proven to be a resounding success won’t be an overstatement. Related Reading: Record-Breaking Day: Spot Bitcoin ETF Trading Exceeds $3 Billion As BTC Eyes Record Peak Bitcoin ETFs have recorded a cumulative total net inflow of $24.15 billion to date. Martinez added that the total value of BTC held by these ETFs currently stands at approximately $70 billion. From a price perspective, BTC has jumped from about $41,900 on January 8 to its current price of $68,941, marking an increase of almost 65%. During this period, BTC reached an all-time high (ATH) of $73,737 in March. With over a million BTC now held in Bitcoin ETFs, roughly 5% of the total 21 million BTC supply is tied up in these financial products, reinforcing Bitcoin’s scarcity narrative. Notably, asset manager BlackRock’s IBIT spot BTC ETF leads the market, holding approximately $30 billion net assets. Grayscale’s GBTC follows with $15.22 billion, and Fidelity’s FBTC ranks third with $10.47 billion in net assets. The growing interest in Bitcoin ETFs is also highlighted in a recent CoinShares report, which found that digital asset investment products attracted inflows of over $2.2 billion last week. CoinShares attributed the recent surge in crypto product inflows to the possibility of a Republican victory in the upcoming US presidential election on November 5. Interestingly, higher inflows were seen at the beginning of the week, while outflows emerged toward the end as Democratic candidate Kamala Harris’s odds of winning improved. At the time of writing, decentralized prediction markets platform Polymarket shows Harris a 41.6% chance of winning the presidency, while Republican candidate Donald Trump remains the favorite with a 58.5% chance. Trump Win To Benefit Crypto, Experts Opine While voter opinion on other policies might be split more evenly, the overall consensus as far as crypto is concerned seems to be that a Trump victory may benefit BTC and other digital assets. Related Reading: Trump’s Vision: America To Reign As Crypto And Bitcoin Epicenter, Latest Statement Reveals Earlier this month, JPMorgan stated that retail investors increasingly view BTC as a ‘debasement trade’ to protect their assets’ purchasing power amid inflation and that a Trump win could provide ‘additional upside’ to BTC. That said, Kamala Harris, Biden’s current vice president, is reportedly taking a fresh approach to digital assets, in contrast to the current administration’s perceived cautious stance. Whether this will boost her popularity among crypto-focused voters remains to be seen. At press time, Bitcoin is trading at $68,941, up 0.8% in the past 24 hours. According to CoinGecko data, Bitcoin dominance stands at 56.7%. Featured image from Unsplash, Charts from X and Tradingview.com
The Bitcoin price has posted five consecutive red daily candles since it stopped just short of its all-time high at $73,620 last Tuesday. As a result, the BTC price has fallen by around 7%. This decline is evident on the weekly chart, which shows a major bearish weekly candle – a gravestone doji. Chartered Market Technician (CMT) Aksel Kibar noted via X, “BTCUSD weekly candle can look similar to GOLD,” and explained that it indicates a reversal is on the horizon. However, he added, “It is not dependable as an individual candle. Best to combine it with a following weak candle as a confirmation of trend reversal. […] The market narrative is that the bulls attempt to push to new highs over the session but the bears push the price action to near the open by the session close. Bitcoin To Hit $75,000 By End Of November? Despite this, Singapore-based crypto trading firm QCP Capital remains bullish in its latest investor note, highlighting significant shifts in both political prediction markets and the BTC derivatives market. Related Reading: Spot ETFs Fail To Ignite Bitcoin Growth – Analyst According to QCP Capital, the odds on the decentralized prediction market Polymarket have “moved closer to actual poll estimates,” with Vice President Kamala Harris and former President Donald Trump “locked in a tight race.” While Polymarket still favors Trump at 55%, this marks a decrease from 66% a week ago, indicating a narrowing margin that aligns more closely with mainstream polling data. The firm also noted a cautious sentiment prevailing in the cryptocurrency market. The “sideways price action over the weekend” and a decrease in leveraged perpetual futures positioning—from $30 billion to $26 billion across exchanges—suggest that traders are adopting a wait-and-see approach. This pullback may be due to uncertainties surrounding macroeconomic factors or the upcoming election. Despite the current market hesitancy, QCP Capital sees potential for significant upward movement in Bitcoin’s price. The firm questioned whether this is “the calm before a break from the multi-month range and push toward all-time highs.” Supporting this outlook, QCP observed an increase in topside positioning with substantial buying of end-November $75,000 call options since last Friday. This surge in call options at that strike price suggests that traders are positioning for a substantial rally by the end of November. Related Reading: How To Trade Bitcoin During The US Election, Expert Reveals Additionally, the firm highlighted increased activity in options tied to the election date. “Election-date options positions are also rising,” QCP noted, with Friday implied volatility exceeding 87%, even as realized volatility remains at 40%. The elevated implied volatility indicates that options traders are anticipating significant price swings around the election period. Looking ahead, QCP Capital expects Bitcoin’s spot price to remain range-bound until the US election results provide more clarity. The firm stated that they “expect spot to chop around this range until we get more clarity on the election results this week,” adding that “a Trump win is likely to cause a knee-jerk reaction higher, and vice versa if Kamala wins.” At press time, BTC traded at $68,852. Featured image created with DALL.E, chart from TradingView.com
The manipulation narrative is an attempt by mainstream media to discredit Polymarket’s election odds and control the narrative, one expert said.
Just hours away from the US presidential elections, PolitiFi tokens have seen a remarkable boost. The sector has experienced a nearly 10% surge in the last 24 hours, with Trump-themed memecoins leading the way. Following the recent performance, some investors forecast a massive rally for these tokens in the coming days. Related Reading: Is The Bitcoin Bull Market Over? Analyst Reveals Bear Case That Could Send Price To $28,000 Trump-Themed Memecoins See 30% Jump The PolitiFi sector gained popularity after several memecoins inspired by US politicians registered a massive performance earlier this year. Some tokens had their market capitalization break above the $100 million mark, with a couple still holding the feat. Memecoins inspired by the former US President and Republican candidate Donald J. Trump have led the sector throughout his presidential campaign. The tokens recorded massive rallies this year, hitting their peak during Q2. Cryptocurrencies like MAGA (TRUMP) and Doland Tremp (TREMP) hit the $17 and $1.5 marks, respectively, as their all-time high (ATH), fueled by Trump’s crypto-friendly statements. However, most of these cryptocurrencies have retraced significantly since June, pulling back over 70% in most cases. Now that the elections are just hours away, the PolitiFi sector is soaring again, surging around 10% in the last 24 hours, while the crypto market sees a 1.5% retrace. Memecoins themed after Trump held their lead, registering green performance during the past day. TRUMP has seen a 26% surge in the last 24 hours, trading above the $3.8 range. Meanwhile, MAGA Hat (MAGA) records a 32.6% price jump in the same timeframe, nearing a $90 million market cap earlier today. MAGA’s daily trading activity has also increased nearly 30%, registering a $41.7 million trading volume on the last day. PolitiFi Tokens In The Hands Of The Election The sector’s rally is seemingly fueled by the anticipation surrounding the elections. Notably, volatility is forecasted to peak in the following days as speculation about the election’s outcome increases. Some investors believe the PolitiFi token’s rally will continue in the following days, with Trump-themed memecoins expected to skyrocket in case of Trump’s victory. Just 10 hours before the election, the Republican candidate’s winning odds are considerably higher than the Democratic nominee, Kamala Harris. Polymarket’s live forecast shows that Trump leads the prediction market with a 15% gap. Following the presidential debate, the former president lost ground to the US Vice President in early September. At the time, the Democratic nominee surpassed Trump’s winning odds by 4%. However, these have seen a significant retrace in the last month. Related Reading: ADA Slips Below $0.3389 Level, Deeper Downtrend Looming? The Republican candidate regained his lead in October, recording a considerable 33% gap between his winning odds and Harris’. By the end of the month, Trump led the predictions market with a 66% chance of winning, which has now retraced to 57%. Amid Trump’s winning odds, the memecoins inspired by the US VP have recorded a considerable decrease in the past day. Kamala Horris (KAMA), the largest Harris-inspired token, retraced nearly 25% in the last 24 hours, seeing a 34% decrease in daily trading activity. Featured Image from Unsplash.com, Chart from TradingView.com
A seasoned market expert has shed light on Bitcoin’s current bearish performance, noting that the small price correction that has led to a significant liquidation of BTC positions is “healthy and reasonable,” addressing worries about its future potential. Bitcoin’s Bearish Move Not A Thing To Worry About? Bitcoin’s recent upward rally witnessed earlier last week […]
Bitcoin (BTC) crashed below $69,000 on Sunday resulting in significant levels of market liquidations. Interestingly, analysts have also noted a correlation of this decline with a decrease in the winning odds of US Republican presidential candidate Donald Trump ahead of the general elections on November 5. Related Reading: Bitcoin At Risk Of Deeper Correction – […]
The following is a guest post by Kadan Stadelmann, CTO of Komodo Blockchain. After weeks of a neck-to-neck presidential campaign between the Democratic and Republican nominees, Donald Trump’s odds of being elected to President of the US are on the rise. According to betting market Polymarket, Trump leads Democrat candidate Kamala Harris by a whopping […]
The post Time for Trump (or Kamala) to pledge to buy 20% of the entire Bitcoin supply appeared first on CryptoSlate.
As US elections approach, crypto advocates warn that opposing blockchain could be as shortsighted as resisting the internet in the 90s, potentially costing politicians key support.
The final stretch of the U.S. presidential election is keeping traders on their toes, with BTC and Trump Polymarket odds taking a small hit.
The latest crypto election poll illustrates — according to its industry sponsor — that single-issue crypto voters exist. That's a point the industry has been seeking to score for months, and its potential ramifications in future Washington policy discussions could run deep.
With the US presidential elections nearing and no clear frontrunner, uncertainty looms over what effect the victor will have on the crypto sector.
CEO Brian Armstrong also announced an additional $25 million contribution to the Fairshake PAC for the 2026 midterms “to elect pro-crypto candidates.”
As the US presidential elections near, Ripple co-founder Chris Larsen revealed the reason for supporting the US Vice President and Democratic nominee Kamala Harris. Larsen became the largest single donor of the crypto industry this election cycle after his two XRP donations to Harris’ campaign earlier this month. Related Reading: Bitcoin Leads Crypto Investment Product […]
Bitcoin appears primed for new highs before 2025, according to numerous BTC price metrics.
While Donald Trump has been associated with broad support from the crypto community, many people in crypto have endorsed Kamala Harris as well.
Despite macroeconomic headwinds, Bitcoin (BTC) looks primed to create a new all-time high (ATH), charged by positive Q4 2024 seasonality. Bitcoin New ATH On The Horizon? On October 28, BTC surged past $71,000, sparking optimism for a new ATH above the $73,737 peak recorded in March this year. Although BTC has crossed the $70,000 threshold […]
According to Bitfinex, Bitcoin (BTC) volatility is set to intensify over the next week. A “potent mix” of geopolitical and macroeconomic factors has significantly influenced the flagship crypto’s performance, with anticipation for the outcome of the US election and Q4’s close setting a potential target of $80,000 by year-end. Related Reading: Neiro Breaks Above Key Level Following 10% Weekly Drop, Is $0.0020 Next? Bitcoin Volatility About To Reach Its Peak Crypto exchange Bitfinex’s recent report shared that Bitcoin’s price could hit $80,000 by the end of the year due to a convergence of geopolitical uncertainty, macroeconomic factors, seasonality, and the increasing influence of the “Trump Trade.” The report noted that, historically, global macroeconomic trends and geopolitics events influenced BTC’s price. As a result, the largest cryptocurrency by market capitalization has seen its price movements driven by the anticipated US Presidential elections. The potential outcome of the elections, scheduled for next week, has affected Bitcoin’s performance throughout the year. Both presidential candidates have acknowledged the crypto industry, with the Republican candidate Donald Trump becoming the sector’s champion after fully embracing Bitcoin and crypto. Trump’s pro-crypto stance increased the correlation between the Republican candidate’s winning odds and Bitcoin’s trajectory. Moreover, the “Trump Trade” narrative reflects “the market’s view of how BTC will fare dependent on the outcome of the election.” Per the report, this narrative has fueled Bitcoin volatility, with the flagship crypto seeing sharp intra-week corrections before rebounding. Last week, BTC saw a 6.2% pullback toward the $65,000 support zone before reclaiming the $68,000 mark again. Bitfinex analysts consider that this pullback might be the first of several “whipsaw price movements” ahead of the elections, affecting BTC’s short-term price as speculation and volatility increase. Additionally, option premiums and estimated daily volatility for the US stock market and Bitcoin are projected to rise significantly next week. The report noted that BTC volatility will peak between November 6 and November 8, when the Election results are expected to be delivered. Reportedly, the highest implied volatility (IV) is for the November 8 strike price “reaching up to over 100 vol for strike prices over $100,000 for BTC.” BTC Poised To Hit $80,000 In Late December The report noted that Bitcoin has shown strength despite the increasing volatility. The flagship crypto “has remained resilient” and held its ground compared to the September lows, surging around 30% from last month’s drop. Additionally, BTC closed September, which has historically been a challenging month for the cryptocurrency, with a 7.29% increase, the highest closing for the month on record. The crypto exchange’s report predicted that October’s close could be “less impressive” due to the volatility. Nonetheless, Bitfinex analysts suggested that Q4’s historically bullish seasonality will still favor a positive rally for BTC. Market positioning shows that end-of-year options have seen a considerable rise in call open interest over the last few weeks. Related Reading: Bitcoin Hash Ribbons Flash ‘Buy’ Signal: Analysts See New Highs On The Horizon BTC is expected to continue experiencing higher-than-average volatility and potentially see deep corrections in the coming days. But the market seems poised for a post-election surge above March’s $73,666 all-time high (ATH). Lastly, call options with a December 27 expiry and an $80,000 strike price have seen a steady build-up, suggesting that this target could be in reach by year-end. As of this writing, BTC is trading at $71,197, a $3.4% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Having contributed roughly $12 million to PACs supporting Kamala Harris, Chris Larsen said he hoped to see “bipartisan support and weight” for crypto in government starting in 2025.