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241113: Crypto Rally Pushes Bitcoin to $90K as Market Expects Pro-Crypto Policies

241113: Crypto Rally Pushes Bitcoin to $90K as Market Expects Pro-Crypto Policies

Bitget Academy2024/11/13 05:35
By:Bitget Academy

Bitcoin briefly hit a record $90,100, reflecting the ongoing crypto rally since Donald Trump’s election win, which has spurred investor optimism for a pro-crypto U.S. government. This rally triggered over $900 million in liquidations of leveraged crypto positions, per CoinGlass data. Bitcoin’s pric

 

241113: Crypto Rally Pushes Bitcoin to $90K as Market Expects Pro-Crypto Policies image 0

Bitcoin briefly hit a record $90,100, reflecting the ongoing crypto rally since Donald Trump’s election win, which has spurred investor optimism for a pro-crypto U.S. government. This rally triggered over $900 million in liquidations of leveraged crypto positions, per CoinGlass data. Bitcoin’s price swiftly retreated by about 5% to the mid-$85,000s before rebounding back near its peak. Meanwhile, Ripple's XRP, XLM, and HBAR outperformed the CoinDesk 20 Index with gains of 15-18%.

Market data shows substantial resistance around $90,000, where mounting sell orders and options activity suggest a possible cap in the $90,000-$100,000 range. Despite this, Bitcoin still remains up nearly 1% in the last 24 hours. Ethereum and Solana dipped slightly, while other altcoins surged. Institutional investors see potential for significant growth with the anticipated favorable regulatory environment, positioning Bitcoin and other cryptocurrencies for continued demand amid easing inflation and positive economic conditions.

Source: CoinDesk

Futures Market Updates

In the past 24 hours, BTC futures showed a slight increase in open interest (+0.26%), while ETH futures saw a decline (-2.35%), indicating a stronger commitment to BTC positions compared to ETH. Both assets experienced a decrease in trading volume, with BTC volume dropping by 6.69% and ETH by 4.88%. Liquidations were similar in size for long positions, with BTC at $99.98M and ETH at $98.83M, but BTC short liquidations were significantly higher than ETH’s ($70.28M vs. $36.38M). The long/short ratio was fairly balanced for both, though BTC had a marginally higher concentration of shorts, while ETH’s funding rate (0.0214%) was notably above BTC’s (0.0134%).

 

BTC Futures Updates

Total BTC Open Interest: $53.10B (+0.26%)

BTC Volume (24H): $188.29B (-6.69%)

BTC Liquidations (24H): $99.98M (Long)/$70.28M (Short)

Long/Short Ratio: 49.27%/50.73%

Funding Rate: 0.0134%

 

Ether Futures Updates

Total ETH Open Interest: $17.64B (-2.35%)

ETH Volume (24H): $80.88B (-4.88%)

ETH Liquidations (24H): $98.83M (Long)/$36.38M (Short)

Long/Short Ratio: 48.81%/51.19%

Funding Rate: 0.0214%

 

Top 3 OI Surges

PNUT: $106.68M (+179.86%)

MBL: $1.38M (+97.78%)

BGB: $37.62M (+86.76%)

 

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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