Cryptocurrency Market Frenzy: Bitcoin Breaks $90,000, Liquidations Sweep the Market
Cryptocurrency Market Frenzy: Bitcoin Breaks $90,000, Liquidations Sweep the MarketOn November 13th, the cryptocurrency market experienced a frenzy as Bitcoin surged past the $90,000 mark for the first time, marking a 4% intraday gain and over 110% growth year-to-date. This surge also propelled US stock market cryptocurrency-related equities, with MicroStrategy rising over 4%, Coinbase gaining 3
Cryptocurrency Market Frenzy: Bitcoin Breaks $90,000, Liquidations Sweep the Market
On November 13th, the cryptocurrency market experienced a frenzy as Bitcoin surged past the $90,000 mark for the first time, marking a 4% intraday gain and over 110% growth year-to-date. This surge also propelled US stock market cryptocurrency-related equities, with MicroStrategy rising over 4%, Coinbase gaining 3.7%, and RiotBlockchain up 2%.
Bitcoin reached an all-time high of $91,000 per coin on the day. However, lurking behind the euphoria are inherent risks. According to Coinglass data, within the past 24 hours, 207,739 individuals were liquidated, resulting in a total loss of $638 million. This figure underscores the volatility and potential risks associated with market sentiment.
Several analysts believe that Bitcoin's current upswing signifies a "definitive bull market," albeit susceptible to short-term fluctuations. They argue that from a supply perspective, the Bitcoin halving effect typically commences around six months after the halving event, and the current rally aligns with this timeline.
From a demand perspective, the market generally attributes the recent rise in cryptocurrency prices to the election of President Trump, perceived as favorable to Bitcoin. Moreover, the Federal Reserve's interest rate cuts and continuous institutional accumulation of Bitcoin have further fueled the bullish momentum.
Despite Bitcoin surpassing the $90,000 threshold, a significant level of uncertainty persists within the market. Future price movements will depend on a multitude of factors, including policy adjustments, market sentiment, institutional investment, and technological advancements. Investors should exercise caution, invest rationally, and refrain from chasing price spikes.
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