Bitcoin wipes out $731M as election hopes fade: BTC’s next test is…

Bitcoin [BTC] traders faced liquidations on both sides as prices surged and then erased the rally. On the 4th of November, Bitcoin climbed from $75.7k to $81.2k, triggering $407.92 million in liquidations. Shorts accounted for $309.98 million of that total. The reversal on the 5th of November brought another $323.54 million in liquidations, including $294.11 million in longs. Meanwhile, total crypto Market Capitalization fell $132.7 billion that day, bringing losses since the local peak to $149 billion. Short-term bullish sentiment following the midterm election results was immediately overrun by an equities market pullback, with major AI stocks coming under selling pressure.

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