Bitcoin (BTC) just hit a new all-time high of $112,679, according to data from cryptocurrency exchange Binance. This historic level is being supported by increased institutional interest, general risk appetite in the markets, and upcoming regulatory action.
In the last 24 hours of the surge, a total of $563.84 million worth of positions were liquidated. $496 million of this came from short positions and only $67 million from long positions.
Among individual cryptocurrencies, the largest liquidations occurred in the following assets:
- BTC: $258.28 million
- ETH: $149.31 million
- HYPE: $26.71 million
Technology stocks also saw significant gains yesterday. Nvidia achieved a historic feat by briefly reaching a market capitalization of $4 trillion. The Nasdaq Composite index also closed at a record high. This risk-taking trend creates a positive environment for assets like Bitcoin.
Ryan Gorman, Uranium Digital’s strategy director, stated that the “crypto week” event to be held next week in Washington DC and the decreasing transaction volumes entering the summer season could pave the way for sharp increases in Bitcoin, making the following assessment:
“Given the combination of upward momentum and shrinking volumes, it wouldn’t be surprising if Bitcoin jumps to $120,000 next week. It’s unclear how much higher we’ll go over the summer, but call interest has surpassed put interest in the options market, clearly indicating traders’ bullish outlook.”
*This is not investment advice.