India, Nov. 5 -- A broad rally across risk-driven assets as well as a short squeeze in the crypto market helped Bitcoin and other major cryptocurrencies extend overnight gains. Overall cryptocurrency market capitalization has increased to $2.66 trillion, and Bitcoin traded between $79,326 and $80,879 during the past 24 hours even as markets assessed the potential regulatory impact of the election outcome on the U.S. crypto industry.
The positive sentiment in the cryptocurrency market comes amidst a short squeeze that caught traders off guard. Data from Coinglass shows aggregate crypto liquidations during the 24-hour period rising to $730 million from $452 million a day earlier. Liquidation of short positions stood at $448 million versus $1...