Bitcoin Dips after Testing All-Time High

Crypto markets dipped slightly on Wednesday, with Bitcoin retreating under $73,000 after nearly exceeding its all-time high yesterday.

Bitcoin (BTC) fell 1% to $71,750, while Ethereum (ETH) was flat at $2,689. Solana (SOL) lost nearly 5%, while Polkadot (DOT) dipped 1.7%.

Overall, the global crypto market cap has now crossed the $2.5 trillion threshold, settling at $2.52 trillion by Wednesday, a 1.6% decline over the last 24 hours.

Meanwhile, data from CoinGlass reveals that 60,782 traders were liquidated in the past 24 hours, with total liquidations reaching $212 million as Bitcoin’s price approached its all-time high.

"Bitcoin is making a strong push above $72,000 towards all-time highs, fueled by a mix of political, institutional, and seasonal factors," said Mena Theodorou, co-founder of Coinstash. "With less than a week until the U.S. election, Trump’s increasing odds of victory have created optimism within the crypto community, which sees him as a potential catalyst for pro-crypto policies."

On the prediction platform Polymarket, bettors have wagered over $2 billion on the outcome of the "Presidential Election Winner 2024" market, with 67% betting on Trump.

Bitcoin ETFs Pull In $870 Million

U.S. spot Bitcoin exchange-traded funds (ETFs) recorded over $870 million in inflows on Tuesday, marking the second-largest inflows since the launch of Bitcoin ETFs on Jan. 11.

The highest inflows were recorded on June 4, reaching $886 million. BlackRock’s iShares Bitcoin Trust (IBIT) led with $629 million, followed by Fidelity’s Fidelity Bitcoin Trust (FBTC) with $133 million, and Bitwise’s Bitwise Bitcoin Trust (BITB) at $52 million. Notably, Grayscale’s Bitcoin Trust (GBTC) was the only ETF to post net outflows, losing $17 million.

Stock Markets Mixed

While crypto markets gained, U.S. stock markets had mixed action. The S&P 500 was flat, while the Dow Jones Industrial Average rose 0.2%. The Nasdaq Composite dipped 0.5%.

On the macroeconomic front, third-quarter U.S. GDP data released this week revealed slower-than-anticipated growth, rising at an annualized rate of 2.8% — below analysts’ forecasts of 3.1%.