As an analyst with over two decades of experience in the financial markets, I’ve seen my fair share of bullish runs and market crashes. The current crypto bull market, however, feels like a whole new ball game. The recent surge of Bitcoin (BTC) to $90,000 on Coinbase is nothing short of remarkable, especially considering its dip to the low-$85,000 level just hours earlier.
The prolonged surge in the cryptocurrency market continues unabated as Bitcoin (BTC) reaches a new high on Coinbase, surpassing the $90,000 mark.
Initially on Tuesday, the largest cryptocurrency dipped by approximately 5%, reaching near $85,000, which caused a few late, highly leveraged investors to exit. However, this dip was brief, as prices rapidly recovered and reached new record highs during the later part of the U.S. trading session. Over the past day, Bitcoin increased by 3.7%, while the CoinDesk 20 Index, a broad market benchmark, rose by 5%.
Over the last 24 hours, extreme fluctuations in prices resulted in the liquidation of leveraged derivative trading positions worth approximately $940 million across all digital assets, according to CoinGlass data. This is the largest amount since the market crash on August 5. The unwinding of Japanese yen carry trades that day caused Bitcoin to dip below $50,000 momentarily.
Cryptocurrency prices have been surging since Donald Trump’s clear win in the U.S. election a week ago. Investors are buying into this market sector due to expectations of friendlier crypto regulations, along with lower inflation rates, strong economic growth, and global monetary policies easing, which is benefiting risky assets by providing extra momentum.
According to Nathan McCauley, the CEO and co-founder of Anchorage Digital, it’s institutions rather than individual investors who are heavily influenced by government indications regarding cryptocurrency. He noted in an email that the expectation of a government supportive of crypto next year is serving as a significant catalyst for institutions – a level of impact we haven’t seen before.
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2024-11-13 00:15