Bitcoin Prices Break the $71K Barrier, Boosted by Short Sellers and Major Investors.
In Brief
Today's early trading saw Bitcoin's price rise above $71,000, moving seamlessly past the resistance level of $70,000 that had not been breached since June. This movement has led the overall cryptocurrency market to gains. Currently, Bitcoin is quoted at approximately $71,158, reflecting a 4.93% increase in the last 24 hours, according to CoinMarketCap.
The latest price surge resulted in the liquidation of over $143 million in short positions—bets against Bitcoin's climb—within a mere 12-hour timeframe. This sudden shift likely intensified the price increase as traders shut down losing bets. Specifically, Bitcoin shorts faced a loss of $73 million, followed by Ethereum's (ETH) short positions, which recorded $39 million in losses, as per CoinGlass data.
CryptoQuant, a notable player in the realm of cryptocurrency market analysis, pointed out that Bitcoin's ongoing price momentum is primarily fueled by considerable buying activity from whales on the Binance exchange, driven by significant capital from the U.S.
The upward trajectory of Bitcoin is spearheaded by activity on the Binance platform.
Bitcoin Momentum Rises in Light of Expected Fed Rate Cuts and Election-Driven Market Sentiments CoinShares Various factors seem to be bolstering Bitcoin's growth potential, particularly the anticipated interest rate adjustments from the Federal Reserve. A 25 basis-point cut is expected on November 7th, which may lower rates to a range of 4.5% to 4.75% to manage economic growth.
Market sentiment surrounding Bitcoin could also be swayed by polling data related to the upcoming elections. Recent surveys indicate that Vice President Kamala Harris is in a tight contest with former President Donald Trump in crucial states. Presently, Donald Trump is seen as the frontrunner on the Polymarket trading platform.
In a recent market overview, QCP Capital, a Singapore-based cryptocurrency trading firm, highlighted that the total open interest in BTC-PERP across exchanges sits at a staggering $27 billion, nearing the peak of this year. A breakout above $70,000 could set the stage for new all-time records, especially with an increase in leveraged positions. US Federal Reserve Please remember that any information provided here is not meant to serve as legal, tax, investment, or financial guidance. It’s crucial to only invest what you can afford to lose and to seek professional financial advice if you have any uncertainties. For more detailed information, we recommend reviewing the terms, conditions, and FAQ sections provided by the issuer or advertiser. MetaversePost strives for accurate and objective reporting, but market dynamics can change rapidly and without notice.
Alisa, an engaged journalist at Cryptocurrencylistings, specializes in the fascinating world of cryptocurrency, zero-knowledge proofs, investment strategies, and the expansive Web3 landscape. With a sharp focus on emerging trends and cutting-edge technologies, she provides in-depth coverage to keep readers informed and engaged in the fast-paced domain of digital finance. US election Enso, LayerZero, and Stargate Collaborate to Manage One of Ethereum's Largest Liquidity Transfers to Unichain
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