Bitcoin rebounded above $80,000 on November 4 as crypto liquidations reached $464.67 million within one hour. CoinGecko showed BTC trading at $80,404, up 4.2%, after falling to $75,695.
Bitcoin’s market capitalization reached $1.617 trillion, while daily trading volume stood at $34.602 billion. Perpetual futures open interest totaled $70.41 billion.
Bitcoin Shorts Take the Biggest Hit
CoinGlass data showed $913.83 million in liquidations over the past 24 hours, with 117,302 traders affected. Traders holding short positions lost $554.27 million, compared with $359.55 million for those holding longs. Shorts made up 60.7% of the total.
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Bitcoin accounted for $395.70 million in liquidations, and 75.9% of those losses came from short positions. Ethereum saw another $236.47 million wiped out. Solana and Zcash recorded smaller amounts at $28.56 million and $20.13 million, respectively.
The largest individual liquidation occurred on HTX, where a $38 million ETH-USDT position was closed. Binance handled 38.9% of total exchange liquidations.
Election Adds to Market Uncertainty
According to reports, Democrats won both congressional chambers, shifting the balance of power during Donald Trump’s presidency.
However, Bitcoin had already fallen below $77,000 amid spot ETF withdrawals, weakness in technology stocks and fallout from Binance’s October 29 breach. The combination of these factors weighed on the market before BTC climbed back above $80,000.
Related: 24 Hour Crypto Recap: Here’s What Happened in the Market
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