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Bitcoin has reached an all-time high, surpassing $75,000 and leading to significant liquidations in short positions. This increase, supported by intense buying activity in the spot markets, contradicts the short-term expectations in the market.
Bitcoin Rises with the Power of Donald Trump
The leading cryptocurrency Bitcoin has set a new record with the intense buying wave in the markets. Bitcoin has surpassed the $75,000 level on the platforms it is traded, leaving behind the previous peak value of $73,679.
This sharp rise has caused a significant upheaval in the market. Short position holders have suffered heavy losses, with approximately $180 million worth of positions liquidated. The total liquidation amount in the cryptocurrency markets has reached $483 million.
Pav Hundal, the chief analyst of the Swftyx cryptocurrency exchange, evaluated the market activity. Hundal stated, "The revival seen in the spot market is putting short position holders in a difficult situation. Currently, the buying trend is dominant in the market." The analyst emphasized that a correction in prices is expected, but this could be shaped by the opening of the U.S. markets.
Nick Forster, the founder of the Derive protocol, noted that investors trading in the options market are focusing on the election results. Forster pointed out that market volatility could remain above average in the near term.
CK Zheng, the founding partner of ZX Squared Capital, addressed the potential effects of political developments on Bitcoin. Zheng suggested that if Trump succeeds in the elections, the new period's policies could positively impact the cryptocurrency markets.
Experts also shared their predictions regarding the future of Bitcoin. Markus Thielen, the head of research at 10x Research, predicted that Bitcoin could test the $100,000 level in the first quarter of 2025, while Forster from Derive assessed the likelihood of the options market seeing this level by the end of the year at 15%.
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