Bitcoins price seems to be on the verge of achieving a new all-time high in a massive rally leading up to the US Presidential elections.

The price managed to get as high as $73,600, which is less than $200 away from a new peak.

Source: TradingView This has caused considerable turmoil in the derivatives market, leaving over $110 million worth of short positions underwater. At the time of this writing, the price has now retraced below $73,000, trading at an increase of over 4.2% during the past 24 hours alone.

Its also worth noting that the total trading volume for spot Bitcoin ETFs in the US today reached a whopping $3 billion.

This rally comes days before the countrys most important political event: the presidential elections, which are scheduled for November 5th.

As CryptoPotato reported earlier today, volatility is somewhat expected amongst market participants, given the importance of the election outcome. Currently, Donald Trump remains a heavy favorite on Polymarket.

Source: Polymarket