Bitcoin managed to regain its bullish momentum after the recent correction to below $54,000.
This decline was due to macroeconomic factors, such as continued high interest rates due to inflation, as well as the liquidation of Bitcoin holdings by the German government and the repayment of Mt. Gox creditors.
At the time of writing, Bitcoin appears to have forgotten about these issues and is trading at just under $70,000 after a jump of almost 2.7% in the last 24 hours and has a volume of $25.7 billion.
The total market capitalization of the crypto market has reached $2.48 trillion after a 3.5% jump, and the leading cryptocurrency accounts for $1.374 trillion of the total.
According to CoinGlass, $77 million has been liquidated in the last 24 hours ($17.17 million in long positions and $59.8 million in short positions),
According to the majority of crypto enthusiasts, the positive development is largely due to positive comments from influencers during the Bitcoin Conference in Nashville. One of the more interesting comments was made by USA’s presidential candidate Donald Trump, who said that Bitcoin could overtake gold in the future and that it “will go to the moon.”
Furthermore, speaking at the conference, Trump said he would remove Gary Gensler and appoint a new SEC chairman on the first day of his inauguration.
Metaplanet has expanded its Bitcoin treasury with a new acquisition of 1,005 BTC valued at approximately $108.1 million, further cementing its status as one of the largest corporate holders of the digital asset.
Despite common fears that global crises spell disaster for crypto markets, new data from Binance Research suggests the opposite may be true — at least for Bitcoin.
A new report by crypto analytics firm Alphractal reveals that Bitcoin miners are facing some of the lowest profitability levels in over a decade — yet have shown little sign of capitulation.
Bitcoin’s network hashrate has fallen 3.5% since mid-June, marking the sharpest decline in computing power since July 2024.