$BTC #BTC
(SNBNEWSDAILY)
Bitcoin rebounds to US$103,000, causing Rp6 trillion short positions to be liquidated**
Bitcoin rebounded to a price of US$103,000 after briefly falling to US$99,000 the day before, according to CoinMarketCap, Saturday (08/11) morning. However, this increase also led to the liquidation of Bitcoin short positions worth US$365 million or around Rp6 trillion.
The rise of the largest digital asset also caused altcoins to soar. With Ethereum (ETH) and XRP, BNB, which had previously plummeted by dozens of percent, are now priced at US$3,425, US$2.31, and US$991, respectively.
This increase occurred after JPMorgan Chase and Co raised its holdings in BlackRock's iShares Bitcoin Trust (IBIT) by about 64% or US$343 million.
Therefore, investor confidence has also increased again as one of the largest banks in the world has taken a position in one of the leading Spot Bitcoin ETFs in the world.
Additionally, with large institutions doubling down on Bitcoin despite the recent volatility, where Bitcoin had actually collapsed to US$99,000, this further strengthens confidence in its long-term value. Moreover, direct ETF inflows can enhance demand for Bitcoin.
(SNBNEWSDAILY)
Bitcoin rebounds to US$103,000, causing Rp6 trillion short positions to be liquidated**
Bitcoin rebounded to a price of US$103,000 after briefly falling to US$99,000 the day before, according to CoinMarketCap, Saturday (08/11) morning. However, this increase also led to the liquidation of Bitcoin short positions worth US$365 million or around Rp6 trillion.
The rise of the largest digital asset also caused altcoins to soar. With Ethereum (ETH) and XRP, BNB, which had previously plummeted by dozens of percent, are now priced at US$3,425, US$2.31, and US$991, respectively.
This increase occurred after JPMorgan Chase and Co raised its holdings in BlackRock's iShares Bitcoin Trust (IBIT) by about 64% or US$343 million.
Therefore, investor confidence has also increased again as one of the largest banks in the world has taken a position in one of the leading Spot Bitcoin ETFs in the world.
Additionally, with large institutions doubling down on Bitcoin despite the recent volatility, where Bitcoin had actually collapsed to US$99,000, this further strengthens confidence in its long-term value. Moreover, direct ETF inflows can enhance demand for Bitcoin.
