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Yesterday, Bitcoin broke the $100,000 mark. However, in the evening hours, an over-leveraged market led to cascading liquidations of positions, resulting in a drop to around $92,000.
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The rally is being driven by sustained high demand from ETF funds and pro-cryptocurrency changes expected with the government shift in January 2025. Donald Trump has appointed Paul Atkins, a cryptocurrency advocate, as the new chairman of the SEC following Gary Gensler's resignation.
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Federal Reserve Chairman Jerome Powell addressed Bitcoin during the DealBook summit on Wednesday. Powell compared Bitcoin to digital gold, highlighting its volatility and speculative nature. He also denied that Bitcoin undermines the Federal Reserve or the status of the U.S. dollar.
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On Wednesday, WisdomTree announced its filing to create an XRP ETF. Marathon Digital plans to raise $805 million to purchase more Bitcoin, having already acquired 6,484 BTC at an average price of $95,352 each. The company anticipates further Bitcoin growth in 2025.
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Meanwhile, Michael Saylor's MicroStrategy has purchased $1.5 billion worth of Bitcoin, adding 15,400 BTC at an average price of $95,976 each, increasing its holdings to over 402,000 BTC valued at $23.4 billion.
Bitcoin (D1 interval)
Bitcoin is up 1.70% today, trading at $98,700 and resuming its upward trajectory. Yesterday, the largest cryptocurrency crossed $100,000. However, an over-leveraged market triggered cascading position liquidations and sharp declines. As a result, prices fell steeply to the $92,000 region, with total liquidations exceeding $1 billion. Today, the market is rebounding, with prices once again approaching the $100,000 threshold.
Source: xStation 5
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