📈 Bitcoin Reaches All-Time High Amid Market Turmoil
🚀 Bitcoin (BTC) has achieved a record price of $109,767.52, surpassing its previous high from January, despite a sluggish traditional market affected by concerns over sovereign debt. This milestone was reached on Wednesday morning, amidst rising bond yields and a fluctuating stock market.
💰 The U.S. is currently facing unprecedented levels of debt, with President Donald Trump’s proposed tax cuts potentially adding $3.8 trillion to the national debt nearing $37 trillion. This situation has led to an increase in bond yields, particularly the 30-year treasury yield which has exceeded 5%. While the Nasdaq saw a slight gain of 0.19%, the S&P 500 and Dow experienced declines of 0.30% and 0.86% respectively, according to CNBC.
“If you’re not buying bitcoin at the all-time high, you’re leaving money on the table,”
said Michael Saylor, Chairman of Strategy, a software firm turned bitcoin treasury pioneer.
📊 Following its surge, bitcoin's trading activity increased by 34.67%, with a 24-hour volume rising to $66.92 billion. Its market dominance also improved to 64.15%, up 0.13 percentage points since the previous day. Additionally, open interest in BTC futures rose by 11.18% to $79.84 billion, indicating that derivatives traders are anticipating further price movements.
📉 However, the past 24 hours have been challenging for bearish traders, with total liquidations amounting to $15.01 million, predominantly from short positions which were wiped out by $14.23 million. Long positions saw minimal liquidations of just $785,920, underscoring the risks for those betting against bitcoin during this historic rally.