UPDATE: Bitcoin tops $81,000 as short liquidations reach nearly $1 billion
CIE News ·
Update to UPDATE: Bitcoin rises 3.5% to $80,500 and Ether climbs 6% as Democrats win Congress
Confirmed by 2 independent news outlets.
Following earlier gains after U.S. election results, Bitcoin surged past $81,000 as nearly $1 billion in crypto positions were liquidated, primarily driven by short squeezes and broader market gains.
Crypto derivatives exchanges recorded between $773 million and $975 million in total liquidations over 24 hours as Bitcoin (BTC) rebounded from an election-night low of $75,600 to peak above $81,000. As previously reported, digital asset prices rose following the U.S. midterm election outcome, with BTC consolidating around $80,320 to $80,500 for a 24-hour gain of roughly 3.8% to 4.6% by November 5, 2026. Ethereum (ETH) climbed about 6% to 6.6% to reclaim $2,420 to $2,425.
Traders betting against the market took the brunt of the losses, with short sellers accounting for $560 million to $576 million of the total liquidated value. At the height of the move, a single one-hour squeeze wiped out between $378 million and $466.3 million in leveraged positions, according to data reported by crypto.news and CryptoSlate, with short trades making up 81% to 96% of that hourly volume.
Market reports attributed the upward momentum to easing political overhang from the midterm elections alongside broader economic factors, including a 1,511-point surge in the Dow Jones Industrial Average, falling oil prices, and $74.6 million in net inflows into U.S. spot Bitcoin exchange-traded funds on November 4.
Key facts
- BTC peaked above $81,000
- $773M to $975M liquidated in 24h
- Shorts drove 59% to 69% of losses
- ETH reclaimed $2,420 to $2,425
Read the original at crypto.news