Bitcoin surpassed $71,000 in Asian trading hours, with a 5% increase over 24 hours, leading to significant trading volume and the liquidation of over $143 million in short positions.
Bitcoin jumped above $71,000 in Asian morning hours Tuesday to lead a wider market move ahead, nearly a week ahead of the U.S. elections that traders largely consider a bullish catalyst for the market regardless of who wins.BTC added 5% in the past 24 hours, CoinGecko data shows, breaking out of a key $70,000 resistance with $48 billion in trading volumes, or nearly double the volumes from Monday.
CryptoQuant community analyst Mignolet attributed part of the buying demand to whales — a colloquial term for influential traders — on crypto exchange Binance, who are appearing to be net buyers of the asset largely in Asian hours. The broad-based CoinDesk 20 , a liquid index tracking the largest tokens by market capitalization, rose 3.3%.