Hanmi Semicon Shares Surge After $33 Million SpaceX Investment 
South Korea Weighs AI Profit Sharing as Samsung and SK Hynix Earnings Surge 
Trump Administration Defends Anthropic AI Restrictions in Ongoing Federal Lawsuit 
Qualcomm Stock Gains After Jensen Huang Endorsement 
Meta Challenges Australia’s Proposed Tech Tax, Citing U.S. Trade Agreement Concerns 
Jensen Huang Strengthens Nvidia’s South Korea Ties Amid AI Expansion 
J.P. Morgan Sees Major Upside for Prysmian as Optical Fiber Prices Surge 
Oracle Stock Falls Despite Earnings Beat as Company Plans $40 Billion Financing for FY2027 
GSK Reportedly Nears $9 Billion Acquisition of Cancer Drug Developer Nuvalent 
Naver Stock Jumps on NVIDIA Partnership to Build South Korea’s AI Infrastructure 
EngineAI Files for Hong Kong IPO Amid Rising Demand for AI and Robotics Stocks 
SEC Tokenized Stock Approval Still Expected as Regulatory Framework Advances 
Quantinuum Raises $1.68 Billion in Upsized Nasdaq IPO Amid Growing Quantum Computing Demand 
OpenAI Eyes Massive 10GW Ohio Data Center Campus in Potential $500 Billion AI Infrastructure Deal 
Bitcoin surged to a new high of $75,000 on Nov. 6, sparking a wave of liquidations for short sellers totaling $179 million within hours, as demand rose on Coinbase. Analysts point to strong spot-buying trends that could sustain Bitcoin’s growth.
Bitcoin’s New Record Price Triggers Major Short Liquidations
According to statistics compiled by CoinGlass, about $179.1 million worth of Bitcoin short positions were liquidated in the four hours following Bitcoin's new high of $75,000.85 on Coinbase on November 6, surpassing its previous high of $73,679 established on March 13.
Total crypto market liquidations in the past 24 hours amounted to $483.2 million, with short bets accounting for $358.2 million of that total.
Massive Losses for Bitcoin and Dogecoin Short Sellers
On that particular day, almost $251 million was liquidated by Bitcoin short sellers, followed by approximately $47 million by Dogecoin short sellers, Cointelegraph shares.
"Heading into the US trading window, irrespective" of the presidential election result, Hundal stated he would not be "at all surprised" if Bitcoin's price corrects itself.
Spot Demand Versus Derivatives Speculation
“This is spot-driven demand, and that makes it meaningful. It’s not a derivatives-fuelled pump,” he clarified.
Furthermore, he said that spot buying "drives lasting demand and price growth for Bitcoin because it involves buying and holding the actual coins, unlike derivatives, which only speculate on price without affecting supply."
Market Volatility Amid Election-Driven Uncertainty
Nick Forster, creator of the onchain options DeFi protocol Derive, has stated that options traders are beginning to suggest that "election-driven volatility" may have reached its peak.
On November 6, Forster said in a market report, "We’re still seeing expectations for short-dated volatility to remain above normal, with the market’s pricing in potential daily fluctuations of 4-5% as the election results are finalized."
Crypto-Friendly Administration Could Boost Bitcoin Further
In the meantime, CK Zheng, co-founder of ZX Squared Capital, told Cointelegraph that the market views the second Trump administration as exceedingly crypto-friendly. Therefore, Bitcoin will continue to soar if Donald Trump is confirmed as the winner.
Analysts Forecast Bitcoin’s Potential to Reach $100,000
Bitcoin's price might "potentially" reach $100,000 by Q1 2025, according to 10x Research head of research Markus Thielen, who spoke with Cointelegraph.
"The options market still sees a 15% chance for Bitcoin to surpass $100,000 by the end of the year," Derive's Forster said.
