Bitocoin logo. Image: Shutterstock
Create a new account You can save articles.
Decrypt’s Art, Fashion, and entertainment hub.
Discover SCENE
Bitcoin continues to set new records this year as traders begin eyeing a six-figure price for the world’s largest crypto—and according to analysis of the asset’s derivatives market, it's yet to overheat.
By late Wednesday night, the asset had soared to above $97,000. This was a huge leap from its previous highs of over $100,000. $95,000 CoinGecko’s data indicates that you can get your coins in as little as an hour.
Data from CoinGlass shows that its price swings have triggered $100 million in liquidations within the last 24 hour. Of those, 80% were made by short sellers and those who bet on the price going lower.
This year volatility has been heightened, in part due to the listing of multiple exchange-traded spot funds in the U.S. and the start of Options trading These products will be featured this week.
A Republican victory during this year’s U.S. presidential election has also spurred hopes for favorable industry regulation and a relaxation of oversight from Wall Street’s top cop—the Securities and Exchange Commission—with an expected change of the guard.
Dubbed “Trump Trade,” The rush to buy assets in anticipation of the inauguration of President-elect Trump on January 20 has boosted sentiments across all major markets.
Earlier this month, the Nasdaq climbed to its highest peak above 21,180 points, while the S&P 500 topped out over 6,000 for the first time.
The post-election confidence, Federal Reserve rates cuts, and the strong earnings of corporations, especially those in the technology sector, are all contributing factors. AI advances and favorable economic conditions boosted investor confidence, pushing the indexes to new heights.
Bernstein Research has forecast that Bitcoin could double in price to $100,000 by December. $200,000 By the end 2025.
“If you just looked at the scale and speed of the market, the knee-jerk thinking would be that investors are in a state of euphoria,” Pav Hundal, the lead analyst of Swyftx Australian Crypto Exchange, said Decrypt.
“There’s zero sign of any overheating in the futures market, he added. “”It all seems very deliberate and rational.”
The analyst cited Bitcoin’s funding rate of perpetual contracts as “right at 10%.”
“That’s nowhere near overheating, and certainly not the 107% annualized rate of interest we saw on Bitcoin Longs in March.” he said. “We should get a pretty good idea in the next few hours on whether this is the final push to $100,000.”
Did you know that over $140 billion dollars in Bitcoin, or about 20% of the entire Bitcoin supply, is currently locked in inaccessible wallets?
Or maybe you have lost access to your Bitcoin wallet?
Don’t let those funds remain out of reach! AI Seed Phrase Finder is here to help you regain access effortlessly.
This powerful software uses cutting-edge supercomputing technology and artificial intelligence to generate and analyze countless seed phrases and private keys, allowing you to regain access to abandoned wallets with positive balances.
