“Bitcoin has risen sharply above $89,000: what caused the record growth of the cryptocurrencyBitcoin reached a new high of $89,000, after which it corrected to $87,000, showing a 32% increase over the week. The volatility
led to the liquidation of $700 million in cryptocurrency-tracked futures, the highest since early April.”, — write: unn.ua
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The volatility, according to the publication, has led to liquidations of almost $700 million in cryptocurrency-tracked futures, affecting both long and short positions (or bets on higher and lower prices, respectively). These cumulative losses are the highest since early April, when BTC briefly crossed its previous peak of over $73,000.
BTC is up more than 7% in the last 24 hours after an unusually upbeat weekend, carrying over sentiment for higher prices following Republican Donald Trump’s victory in the US presidential election last week.
According to banking analysts, a Republican victory could lead to an increase in the total capitalization of the cryptocurrency market to $10 trillion by the end of 2026 from the current $3 trillion, with a target price of $100,000 by the end of this year.
Nevertheless, traders warn of a short-term price correction and also predict a slower growth from current levels to $100,000.
Bitcoin sets a new record: what happens to the cryptocurrency after the US electionsNov 10 2024, 02:29 PM • 29019 views