Bitcoin Soars! 73,000 Liquidated, $242 Million Vanishes!

Bitcoin Soars! 73,000 Liquidated, $242 Million Vanishes!On October 29th, Bitcoin surged, briefly breaking through $74,160.50

Bitcoin Soars! 73,000 Liquidated, $242 Million Vanishes!

On October 29th, Bitcoin surged, briefly breaking through $74,160.50. As of this writing, it's up 2.04% at $71,045. Analysts point to multiple positive factors driving the cryptocurrency's surge, including the approaching US presidential election, continued institutional investment, and the gradual refinement of global regulatory policies.

As the US presidential election voting day draws near, the market's enthusiasm for Bitcoin is intensifying. CoinShares reports that digital asset inflows last week totaled $910 million, bringing the year-to-date total to $27 billion nearly triple the record level seen in 2021. Meanwhile, tech giant Microsoft, valued at over $3 trillion, is considering a Bitcoin investment, and BlackRock, the world's largest asset manager, has purchased 34,000 Bitcoin in the past two weeks, bringing its total holdings to over 400,000 Bitcoin, worth over $28 billion (approximately 200 billion yuan).

BlackRock's continued acquisition of Bitcoin sets a new record, highlighting the growing acceptance of digital assets by institutional investors. Beyond BlackRock, a growing number of institutional investors are turning their attention to the cryptocurrency market, providing strong support for Bitcoin's continued rise.

Beyond the accelerated influx of institutional capital, policy improvements are also fueling Bitcoin's price surge. The Hong Kong Securities and Futures Commission is setting up a virtual asset trading platform advisory group, expected to launch in early 2025. On October 28th, HKEX announced the launch of a Hong Kong Exchanges and Clearing Virtual Asset Index Series on November 15th, indicating that Hong Kong actively promotes the development of the cryptocurrency market, providing a more regulated and transparent trading environment.

Bitcoin's strong rise has also fueled related concept stocks and ETFs. As of this writing, OKX (01499.HK), OSL Group (00863.HK), and Bitget Holdings (01611.HK) are up 20%, 15.32%, and 6.15% respectively. Caitong Ethereum (03179.HK), Caitong Bitcoin (03439.HK), and Bosera Bitcoin (03008.HK) have risen 4.27%, 4.17%, and 4.07% respectively.

However, Bitcoin's surge has also ignited market risk. The sudden rise has resulted in liquidations for numerous short sellers. In just one hour, cryptocurrency market liquidations exceeded $73 million, exceeding 73,000 liquidated accounts in 24 hours, with total liquidations reaching $242 million.

While Bitcoin demonstrates robust upward momentum recently, investors need to remain cautious and wary of potential market risks. The cryptocurrency market is highly volatile, and significant price fluctuations are commonplace. Before investing, it's crucial to conduct comprehensive risk assessments, trade through reputable platforms, and avoid blind chasing of rallies and sell-offs to prevent ending up with nothing.