TL;DR:
Bitcoin broke the $80,000 barrier during the session, printing an intraday high of $81,000 before settling around $78,297.
Liquidations across the global crypto derivatives market exceeded $950 million in 24 hours, with more than $560 million stemming from short positions.
The asset’s total market capitalization stood at around $1.58 trillion , with a reported 24-hour trading volume of $31.67 billion.
The bullish momentum across the crypto market consolidated this Wednesday, November 4, with Bitcoin breaking $80,000 after early returns from the U.S. midterm elections emerged, reversing the previous drop toward $75,618.
The trading session across the crypto market saw sharp volatility tied to the resolution of the U.S. political landscape. During the early hours of the vote count, the price of Bitcoin pulled back to hit a local floor of $75,618. Buy orders subsequently drove a recovery exceeding 3.7% in 24 hours, pushing the valuation above the psychological $80,000 mark and setting a temporary peak of $81,000.
At the time of writing, market data from CoinMarketCap and aggregator platforms show an intraday technical pullback, leaving Bitcoin trading around $80,674, following profit-taking after the break above $80,000.
This price swing triggered a cascade of forced liquidations across major futures exchanges.
According to CoinGlass liquidation heatmaps, the total amount liquidated across the network exceeded $951 million over the past 24 hours. Of that figure, more than $560 million corresponded to short liquidations (bearish bets), which were abruptly wiped out as the price pierced the $79,500 resistance level and accelerated toward $81,000.
Meanwhile, data tracked by Binance and CoinMarketCap reveal that liquidations across the broader market climbed more than 20% compared to the previous session, reflecting leverage rebalancing as immediate electoral uncertainty faded.
Electoral Impact and Derivatives Volume Trends
Confirmation of U.S. Congressional outcomes shifted behavior among both institutional and retail traders. Prediction market reactions initially reflected caution regarding seat distribution across the legislative branch. However, easing risks of political gridlock alongside a positive opening across Wall Street equity indices coincided with the asset’s rally.
Market reports from Investing.com indicate that Bitcoin’s advance pulled leading altcoins higher. Ether posted a 4.1% increase to trade above $2,380, while tokens such as Solana and Cardano gained over 2% within the same window.
Despite the surge above $80,000 , fund flow metrics show notable divergences.
According to market analysis from Bitfinex , cumulative net flows into U.S. spot Bitcoin exchange-traded funds (ETFs) have registered recent outflows, keeping the spot market’s absorption capacity under close watch against speculative derivatives activity.
Bitcoin’s 24-hour trading volume reached $31.67 billion , representing a volume-to-market-cap ratio of 2.01% according to CoinMarketCap metrics. Circulating supply remains at 20.11 million coins, while order books place immediate support levels within the $75,600 to $75,700 band.
Market participants now turn their focus to the Federal Reserve’s upcoming monetary policy meeting and the release of official U.S. Consumer Price Index (CPI) figures scheduled for next week.
