It's Tuesday, October 29th, and this is Markets Daily hosted by me, Jen Sanassi.

On this show, we navigate the currents shaping the crypto markets, providing insights against the broader financial landscape.

So whether you're actively trading

or simply fascinated by the volatility that is the crypto markets, this show is your compass

to understanding what's happened where we are and where we are going. Good morning, everyone.

Happy Tuesday. Bitcoin is super happy this morning. It has rallied past the $71,000 mark in the past 24 hours. Bitcoin,

the largest cryptocurrency by market cap surged over $71,000, leading to about $175 million

in short position liquidations across major exchanges. Bitcoin broke through the critical $70,000 resistance level

with $48 billion in trading volume, nearly double the volume recorded on Monday. Other major

coins also surged. Doge shot up 15% as it gained momentum alongside rising popularity polls for Donald Trump.

While Shia Eno, ETHER saw 4.9% increase Cardano, Solana, and Binance coin, each gained more than 3%.

Commenting on the rally, Daria Sitt, co-founder of QCP Capital, told Coin Desk that

we see some shorts against the $70,000 level getting liquidated as the market seems to be

pricing in increasing certainty of a Trump victory.

Meanwhile, data from a cryptoquant community analyst reveals that whales, influential traders

with large bags, are net buyers of Bitcoin,

particularly during Asian trading hours. But the timing of this rally is also no coincidence.

With the U.S. election just days away, many traders expect Bitcoin to hit new all-time highs,

regardless of who wins. Now, this is a little bit of a

departure from what some analysts have said on this show before. Analysts were calling Bitcoin

a Trump trade due to his pro-crypto stance. But now even with Vice President Kamala Harris,

who is not taking a clear stance on crypto, market sentiment

...