Bitcoin has been surging in price, recently reclaiming the $100,000 mark and surpassing $101,000 as of the latest market movements.
This surge comes just after the cryptocurrency briefly dropped and saw over $1.6 billion worth of market liquidations.
The cryptocurrency’s recent gains are believed to be linked to the release of U.S. Consumer Price Index (CPI) data, which met expectations. Market sentiment is growing that the Federal Reserve may soon lower interest rates, further boosting optimism.
Bitcoin’s current all-time high stands at $104,088, as per Binance data. Meanwhile, in the past 24 hours, the broader crypto market has experienced liquidations amounting to $365 million, with the long/short ratio stabilizing at around 1:1.
As the U.S. prepares for its new presidential term starting January 20, 2025, the cryptocurrency space is keenly watching any potential moves, particularly regarding Bitcoin. There’s curiosity about whether the incoming president will follow through on promises such as establishing a Strategic Bitcoin Reserve.
At the time of writing, BTC has retraced back to around $100,500.
Bitcoin’s network hashrate has fallen 3.5% since mid-June, marking the sharpest decline in computing power since July 2024.
Bitcoin has officially overtaken Alphabet (Google’s parent company) in global asset rankings, becoming the sixth most valuable asset in the world, according to the latest real-time market data.
Philippe Laffont, the billionaire behind Coatue Management, is beginning to question his stance on Bitcoin.
Personal finance author Robert Kiyosaki is urging investors to rethink their approach to money as digital assets reshape the economic landscape.