BTC Surges to $93,000 as Traders lost $212.4 Million in the Last 12 Hours
Price Volatile as Investors Flood Into Bitcoin for Further Gains, Investors Speculate on New Highs by January.
Bitcoin(BTC) surged past $93,000 days after Donald Trump’s victory in the 2024 U.S. presidential election. The world’s largest cryptocurrency crossed $90,000 on Nov. 12, up 11% over the past day. Bitcoin is currently being traded at $92,271 amid speculations among investors that the $100,000 mark might soon be broken.
Trump’s Win Fuel BTC Market Rally
Bitcoin’s ascent to over $93,000 has been fostered by President-elect Trump’s pro-crypto stance and his campaign’s commitment to building a more crypto-friendly regulatory environment.
Trump has announced strategic plans to establish a national Bitcoin stockpile and position the U.S. as a global crypto hub upon assuming the presidency. His win has boosted confidence in the crypto market, causing a sharp rally not only in Bitcoin but across other crypto assets like Dogecoin.
Elon Musk’s promotion of Dogecoin, another widely popular cryptocurrency, has contributed to an 80% rise in the token’s value over the past five days. Recently, Trump has announced plans to create a Department of Government Efficiency, (DOGE) led by Elon Musk and Vivek Ramaswam. This announcement briefly drove up Dogecoin’s value before dipping shortly after.
Bitcoin to Hit $100,000?
Despite this extraordinary momentum, analysts advise caution. Tony Sycamore, an IG Australia Pty Market Analyst, noted, “A heck of a lot of good news is now priced in,” suggesting that Bitcoin’s upward trajectory may soon encounter natural resistance.
Additionally, a massive $212.4 million in BTC short positions were liquidated over a 12 hour period. The liquidations serve as a clear caution to traders shorting during a bullish market. It also reflects bitcoin’s volatile price action.
Furthermore, as investors are looking toward Bitcoin’s next target, the $100,000 mark looks well within reach. Inflows into U.S.-based Bitcoin ETFs topped $1 billion at the start of the week. U.S. spot Bitcoin ETFs have amassed approximately 1.04 million BTC reflecting a growing institutional interest in Bitcoin.
Experts predict that the cryptocurrency will cross the mark before President-elect Donald Trump is inaugurated on January 20, 2025.
