After Bitcoin's price broke the previous all-time high earlier today, the number one cryptocurrency by market cap seems to be continuing the bullish surge.
Bitcoin saw an impressive 9.66% rise in the past 24 hours and peaked at a little over $76,000 with $114 billion in trading volume (up 143% since yesterday). BTC’s market cap currently stands at $1.5 trillion.
Ethereum also witnessed a notable surge with the price reaching $2,700 after rising 11.36% with a $39.3 billlion trading volume and a market cap of around $325 billion.
During this period $572.59 million were liquidated in the crpytocurrency maret with $393.55 million being short positions and $179.14 million in longs (with $296.31 million being Bitcoin.)
This notable bullish trend is the aftermath of the presidential election in the United States, where Donald Trump won the race by a landslide.
Additionally, analysts are expecting a 0.25 bps rate cut from the Federal Reserve tomorrow, which will add to the market optimism.
Bitcoin could soon break above $120,000, according to Standard Chartered’s head of digital assets research, Geoffrey Kendrick.
Bitcoin may be carving out a new identity as a reliable store of value during periods of financial turbulence, according to the New York Digital Investment Group (NYDIG).
Bitcoin’s reputation as a shield against economic and political turmoil is gaining traction, according to a new report by QCP Capital.
Bitcoin could soon play an official role in Arizona’s public finance system. This week, state lawmakers approved the Arizona Strategic Bitcoin Reserve Act, a bill that would allow up to 10% of treasury and retirement fund assets to be invested in digital assets like Bitcoin.