Photo: CryptoWallet.com Images / CC BY 2.0 (archive photo)
Bitcoin whipsawed through election night, rebounding to $78,585 on the futures market as of about 4:17 a.m. Eastern on Wednesday, November 4, up 0.7 percent from Tuesday’s settlement of $78,080, after trading as low as $75,795 and as high as $78,730 overnight, according to CME Group prices.
On spot markets, bitcoin traded at about $78,360, up 2.4 percent over 24 hours, while ether traded at about $2,325, up 3.2 percent, according to Coinbase market data. About $288 million in leveraged crypto positions were liquidated over the past day, according to data tracked by CoinGlass.
For people who own bitcoin, the night ended roughly back where it started after a steep drop. For traders betting with borrowed money, it was expensive: about $288 million in leveraged positions were wiped out over the past day.
The swings came as gold jumped above $4,000 an ounce and the dollar fell following the Democratic sweep of Congress, and a day after Binance reopened withdrawals for dozens more assets in the second phase of its hack recovery.
JBizNews Desk | New York
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