Bitcoin, the world’s largest and most widely recognised cryptocurrency, reached a new record high on Wednesday, exceeding $94,000.This boost in price supersedes reports that Donald Trump’s social media companies, ‘Trump Media’ and ‘Technology Group’, are in talks to acquire cryptocurrency trading firm Bakkt. Subsequently, this news has raised hopes for a more cryptocurrency-friendly environment under the upcoming Trump administration.
Cryptocurrency Market Hits $3 Trillion
Since the November 5 election in the United States, cryptocurrency rates have been steadily climbing as buyers expect Trump’s support for digital assets to result in a more stable climate. This renewed confidence and optimism has pushed the global cryptocurrency market’s value above $3 trillion, setting a new record high.
Bitcoin Liquidations Reach $77.32 Million
According to Coinglass, Bitcoin liquidations have hit approximately $77.32 million (around 22.6 billion PKR) in the last 24 hours. Around 62% of these liquidations were from short (sell) positions, proving elevated market activity and fluctuation as Bitcoin prices rise. Chris Weston, head of research at Australian online broker Pepperstone, stated that there is genuine buying pressure behind Bitcoin, and that “another kick higher should bring in a fresh chase from those who like to buy what’s strong”.
Spot ETF Options Fuel Optimism and Bitcoin Price Surge
The optimism surrounding the trading of spot Exchange-Traded Fund (ETF) options has played a significant role in Bitcoin’s price hike. BlackRock’s Bitcoin spot ETF (IBIT) began trading on the Nasdaq on October 19th, and this has increased the optimism that Bitcoin’s value will continue to rise.
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While Bitcoin has exhibited strong performance, other major cryptocurrencies have remained relatively stable. The CoinDesk index, which includes Bitcoin and 19 other major cryptocurrencies, fell 0.64%.
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