Bitcoin Blasts Past $76K for First Time as Violent Crypto Rally Liquidates Nearly $400M Shorts

Coindesk

06 Nov 2024

Crypto assets kept climbing higher Wednesday after Donald Trump won the U.S. presidency, with bitcoin (BTC) blasting through $76,000 for the first time ever amid optimism the election will usher in a far friendlier environment for digital assets in the world's largest economy.

Bitcoin (BTC) hit a fresh record high of $76,330 during the U.S. day and is up 9.5% over the past 24 hours. Ethereum's ether (ETH) surged to just shy of the $2,700 level, up 11% during the same period. The broad-market CoinDesk 20 Index advanced 10.7%, led by gains of decentralized exchange Uniswap (UNI), layer-1 blockchain Solana (SOL) and decentralized GPU rendering platform Render (RNDR).

The violent crypto rally triggered $592 million in liquidations of leveraged derivatives trading positions across all crypto assets during the day, CoinGlass data shows. The majority, some $390 million of the liquidations were leveraged shorts betting on lower prices, making the largest short squeeze in at least the past six months.

Total crypto liquidations (CoinGlass)

Crypto stocks also joined the rally, led by crypto exchange Coinbase's (COIN) 31% advance. Bitcoin miners Riot Platforms (RIOT), TeraWulf (WULF) and CleanSpark (CLSK) were up 20%-25%, too.

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Ethereum's ether (ETH) surged to just shy of the $2,700 level, up 11% during the same period. The broad-market CoinDesk 20 Index advanced 10.7%, led by gains of decentralized exchange Uniswap (UNI), layer-1 blockchain Solana (SOL) and decentralized GPU rendering platform Render (RNDR).</p></div></div><div><div><p>The violent crypto rally triggered $592 million in liquidations of leveraged derivatives trading positions across all crypto assets during the day, CoinGlass data shows. The majority, some $390 million of the liquidations were leveraged shorts betting on lower prices, making the largest short squeeze in at least the past six months.</p></div></div><div><div><figure><picture><source media=\"(min-width: 1024px)\" sizes=\"(min-width: 1024px) 811px, 100vw\" srcset=\"https://www.coindesk.com/resizer/x9DKC6owIu8tcSiyHLzFrXxx5iw=/811x369/filters:quality(80):format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 811w, https://www.coindesk.com/resizer/Sief4WVYnIX5-aJfmYjKfMP_rKI=/1622x738/filters:quality(80):format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 1622w\" type=\"image/webp\"/><source media=\"(min-width: 1024px)\" sizes=\"(min-width: 1024px) 811px, 100vw\" srcset=\"https://www.coindesk.com/resizer/2FhWi13eHgBygTOSxvaooNAGkmw=/811x369/filters:quality(80):format(png)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 811w, https://www.coindesk.com/resizer/pQZGS_pWuGDSFrv5TUPGtuL1ZlU=/1622x738/filters:quality(80):format(png)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 1622w\" type=\"image/png\"/><source media=\"(min-width: 600px) and (max-width: 1023px)\" sizes=\"(min-width: 600px) 560px\" srcset=\"https://www.coindesk.com/resizer/B717gE9LFGYtkGY5lYpB3MQk5Mw=/560x255/filters:quality(80):format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 560w, https://www.coindesk.com/resizer/BhxVaBZ6U-cLHNFxjH_ppuWJFMk=/1120x510/filters:quality(80):format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 1120w, https://www.coindesk.com/resizer/H6hRIlDiejZk4irREbfYUhqfck8=/1680x765/filters:quality(80):format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 1680w\" type=\"image/webp\"/><source media=\"(min-width: 600px) and (max-width: 1023px)\" sizes=\"(min-width: 600px) 560px\" srcset=\"https://www.coindesk.com/resizer/GkQth4g059fDThrmQokNehF-Vik=/560x255/filters:quality(80):format(png)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 560w, https://www.coindesk.com/resizer/2sTIzYHhRXwUyB7sc-OXFsZszhQ=/1120x510/filters:quality(80):format(png)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 1120w, https://www.coindesk.com/resizer/pEU42pLhKOWdsxCTOYpspg6tYbE=/1680x765/filters:quality(80):format(png)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 1680w\" type=\"image/png\"/><source media=\"(max-width: 599px)\" sizes=\"(max-width: 599px) 560px\" srcset=\"https://www.coindesk.com/resizer/B717gE9LFGYtkGY5lYpB3MQk5Mw=/560x255/filters:quality(80):format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 560w, https://www.coindesk.com/resizer/BhxVaBZ6U-cLHNFxjH_ppuWJFMk=/1120x510/filters:quality(80):format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 1120w, https://www.coindesk.com/resizer/H6hRIlDiejZk4irREbfYUhqfck8=/1680x765/filters:quality(80):format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 1680w\" type=\"image/webp\"/><source media=\"(max-width: 599px)\" sizes=\"(max-width: 599px) 560px\" srcset=\"https://www.coindesk.com/resizer/GkQth4g059fDThrmQokNehF-Vik=/560x255/filters:quality(80):format(png)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 560w, https://www.coindesk.com/resizer/2sTIzYHhRXwUyB7sc-OXFsZszhQ=/1120x510/filters:quality(80):format(png)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 1120w, https://www.coindesk.com/resizer/pEU42pLhKOWdsxCTOYpspg6tYbE=/1680x765/filters:quality(80):format(png)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png 1680w\" type=\"image/png\"/><img height=\"255\" loading=\"lazy\" src=\"https://www.coindesk.com/resizer/Gyq3qOTNf2BhiG8XZDH2OiV7aNY=/560x255/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/MP3ULJ6YJNGD5CGXOI2BSIBFII.png\" width=\"560\"/></picture><figcaption tabindex=\"0\"><span>Total crypto liquidations (CoinGlass)</span></figcaption></figure></div></div><div><div><p>Crypto stocks also joined the rally, led by crypto exchange Coinbase's (COIN) 31% advance. Bitcoin miners <a href=\"https://laohu8.com/S/RIOT\">Riot Platforms</a> (RIOT), TeraWulf (WULF) and CleanSpark (CLSK) were up 20%-25%, too.</p></div></div></div></body></html>","source":"Coindesk","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin Blasts Past $76K for First Time as Violent Crypto Rally Liquidates Nearly $400M Shorts</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin Blasts Past $76K for First Time as Violent Crypto Rally Liquidates Nearly $400M Shorts\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-06 22:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.coindesk.com/markets/2024/11/06/bitcoin-blasts-past-76k-for-first-time-as-violent-crypto-rally-liquidates-nearly-400m-shorts/><strong>Coindesk</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Crypto assets kept climbing higher Wednesday after Donald Trump won the U.S. presidency, with bitcoin (BTC) blasting through $76,000 for the first time ever amid optimism the election will usher in a ...</p>\n\n<a href=\"https://www.coindesk.com/markets/2024/11/06/bitcoin-blasts-past-76k-for-first-time-as-violent-crypto-rally-liquidates-nearly-400m-shorts/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BTC","symbol_name":"Grayscale Bitcoin Mini Trust","start_time":0,"source_url":"https://www.coindesk.com/markets/2024/11/06/bitcoin-blasts-past-76k-for-first-time-as-violent-crypto-rally-liquidates-nearly-400m-shorts/","article_id":"2481496321","we_media_id":null,"thumbnails":["https://www.coindesk.com/resizer/SjrtHjcvAScvd7ZSBUG3jWufICc=/324x182/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/4IHOGN4TPZEE3KRM2EJ7PXKGUI.png"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481496321","pubTimestamp":1730901696,"columns":[],"sourceInfo":{"source_id":"Coindesk","name":"CoinDesk"},"weMediaInfo":null,"summary":"Crypto exchange Coinbase's shares closed the day 31% higher, leading gains among digital asset-related stocks.","collect":0,"end_time":0,"defaultTopTitle":"coindesk.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BTC":"Grayscale Bitcoin Mini Trust","BK4551":"寇图资本持仓","BK4519":"光伏太阳能","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","ETH":"迷你以太坊ETF-Grayscale","WULF":"TeraWulf Inc.","BK4596":"哈里斯概念","BK4112":"金融交易所和数据","CLSK":"CleanSpark, Inc.","BK4539":"次新股","BK4023":"应用软件","BK4516":"特朗普概念","BK4554":"元宇宙及AR概念","SOL":"EMEREN GROUP","BK4129":"建筑与工程","MARA":"MARA Holdings","BK4585":"ETF&股票定投概念","BK4594":"比特币ETF概念","RIOT":"Riot Platforms","BK4595":"比特币概念","COIN":"Coinbase Global, Inc.","LU1861558580.USD":"日兴方舟颠覆性创新基金B","BK4535":"淡马锡持仓","BK4588":"碎股"},"translate_title":"随着加密货币暴力反弹清算近4亿美元空头，比特币股价首次突破76,000美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WULF":1,"SOL":1,"ETH":1,"BTC":1,"RIOT":0.8,"MARA":0.8,"COIN":0.8,"CLSK":0.8},"content_text":"Crypto assets kept climbing higher Wednesday after Donald Trump won the U.S. presidency, with bitcoin (BTC) blasting through $76,000 for the first time ever amid optimism the election will usher in a far friendlier environment for digital assets in the world's largest economy.Bitcoin (BTC) hit a fresh record high of $76,330 during the U.S. day and is up 9.5% over the past 24 hours. Ethereum's ether (ETH) surged to just shy of the $2,700 level, up 11% during the same period. The broad-market CoinDesk 20 Index advanced 10.7%, led by gains of decentralized exchange Uniswap (UNI), layer-1 blockchain Solana (SOL) and decentralized GPU rendering platform Render (RNDR).The violent crypto rally triggered $592 million in liquidations of leveraged derivatives trading positions across all crypto assets during the day, CoinGlass data shows. The majority, some $390 million of the liquidations were leveraged shorts betting on lower prices, making the largest short squeeze in at least the past six months.Total crypto liquidations (CoinGlass)Crypto stocks also joined the rally, led by crypto exchange Coinbase's (COIN) 31% advance. Bitcoin miners Riot Platforms (RIOT), TeraWulf (WULF) and CleanSpark (CLSK) were up 20%-25%, too.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0}}}