170,000 traders liquidated! Cryptocurrencies surge across the board
The cryptocurrency market is seeing a fresh rally. On October 13, cryptocurrencies surged across the board, with Bitcoin climbing and briefly breaking above $84,000 per coin, up more than 2.8% at one point.
Data from CoinGlass shows that 170,300 traders were liquidated across the cryptocurrency market in the past 24 hours, with total liquidations amounting to $815 million. Of that total, $689 million came from long positions and $126 million from short positions.
Strategy, the publicly traded company with the largest Bitcoin holdings in the world, disclosed on Monday that it bought more than $21 million worth of Bitcoin last week, bringing its total holdings to around $70 billion. In addition, asset manager Strive recently announced that it had bought 2,000 Bitcoins for $169 million, bringing its total holdings to around $2.4 billion. Cryptocurrency trading platform Robinhood has also joined the ranks of corporate buyers. As companies resume buying crypto assets, Bitcoin's rebound has also boosted expectations of further gains. Despite recent U.S. interest rate hikes and renewed tensions in the Middle East, Bitcoin has remained resilient. Citi recently raised its 12-month price targets for Bitcoin and Ethereum, citing increased activity in the crypto market, a favorable macroeconomic environment, and a recovery in ETF inflows. The bank raised its Bitcoin target from $82,000 to $113,000 and its Ethereum target from $2,240 to $3,028. Analysts point out that Bitcoin's price is influenced by global risk appetite, the U.S. dollar's performance, and expectations for Federal Reserve interest rates. U.S. Treasury yields remain the most important variable: higher interest rates increase the appeal of dollar-denominated instruments and may limit inflows into riskier assets. Changes in energy markets are also a factor. Rising oil prices reinforce inflation risks and increase the likelihood that tight monetary conditions will be maintained, while falling energy prices could boost market interest in cryptocurrencies. Fundamentals remain mixed: although sentiment has improved in some areas, cryptocurrencies are highly sensitive to dollar liquidity, meaning volatility is likely to remain elevated.
$BTC
$BNB
$ETH
The cryptocurrency market is seeing a fresh rally. On October 13, cryptocurrencies surged across the board, with Bitcoin climbing and briefly breaking above $84,000 per coin, up more than 2.8% at one point.
Data from CoinGlass shows that 170,300 traders were liquidated across the cryptocurrency market in the past 24 hours, with total liquidations amounting to $815 million. Of that total, $689 million came from long positions and $126 million from short positions.
Strategy, the publicly traded company with the largest Bitcoin holdings in the world, disclosed on Monday that it bought more than $21 million worth of Bitcoin last week, bringing its total holdings to around $70 billion. In addition, asset manager Strive recently announced that it had bought 2,000 Bitcoins for $169 million, bringing its total holdings to around $2.4 billion. Cryptocurrency trading platform Robinhood has also joined the ranks of corporate buyers. As companies resume buying crypto assets, Bitcoin's rebound has also boosted expectations of further gains. Despite recent U.S. interest rate hikes and renewed tensions in the Middle East, Bitcoin has remained resilient. Citi recently raised its 12-month price targets for Bitcoin and Ethereum, citing increased activity in the crypto market, a favorable macroeconomic environment, and a recovery in ETF inflows. The bank raised its Bitcoin target from $82,000 to $113,000 and its Ethereum target from $2,240 to $3,028. Analysts point out that Bitcoin's price is influenced by global risk appetite, the U.S. dollar's performance, and expectations for Federal Reserve interest rates. U.S. Treasury yields remain the most important variable: higher interest rates increase the appeal of dollar-denominated instruments and may limit inflows into riskier assets. Changes in energy markets are also a factor. Rising oil prices reinforce inflation risks and increase the likelihood that tight monetary conditions will be maintained, while falling energy prices could boost market interest in cryptocurrencies. Fundamentals remain mixed: although sentiment has improved in some areas, cryptocurrencies are highly sensitive to dollar liquidity, meaning volatility is likely to remain elevated.
$BTC
$BNB
$ETH