Bitcoin's price dipped below the $69,000 threshold on November 3, causing a significant wave of market liquidations totaling nearly $350 million. This decline in value resulted in the highest trading activity since October 25, when Bitcoin struggled to maintain a price above $70,000.
The uncertain market conditions are occurring as the U.S. presidential election draws near, contributing to increased volatility and caution among traders. Specifically, long positions were notably impacted by the price drop.
This event underscores the cryptocurrency market's sensitivity to external factors, such as major political events, and highlights the potential risks involved in high-leverage trading scenarios.
