As a seasoned analyst with over two decades of experience in financial markets, I’ve seen my fair share of market volatility and surprises. This recent surge in Bitcoin to an all-time high above $81,000 is no exception. While it may seem like a wild ride for some, as someone who’s been through the dot-com bubble, the 2008 financial crisis, and the crypto boom of the last few years, I can say that this market is anything but ordinary.
As a researcher studying cryptocurrency markets, I experienced a significant shift when Bitcoin soared to an unprecedented peak of over $81,000, marking a new all-time high. This surge, unforeseen by many who had taken short positions, resulted in massive liquidations for traders betting on a market drop, leading to substantial losses across the board.
Over the past 12 hours, approximately $180 million worth of short positions have been closed out across various cryptocurrency markets, according to data from CoinGlass.
In the days following Donald Trump’s victory in the U.S. presidential election, Bitcoin (BTC) has surged, reaching an unprecedented peak of $81,358 on November 10th, as reported by CoinGecko. This represents a significant increase of more than 6%.
In this scenario, individuals who had bet against Bitcoin suffered the most significant losses, amounting to approximately $67 million. Those who had placed similar wagers on Dogecoin experienced roughly $23 million in losses, while traders betting against Ethereum (ETH) saw around $21 million in liquidated positions.
As an analyst, I can report that within the same period, approximately $228 million worth of long positions were closed out. In the last 24 hours alone, data from CoinGlass indicates that at least 218,206 trader’s positions were liquidated collectively, with a total value reaching $682.72 million – this figure encompasses both short and long positions.
On the crypto exchange OKX, a user carried out the largest conversion of approximately $15.56 million, exchanging Bitcoin for Tether (USDT).
Over the past month, on November 6th, the greatest number of short positions were terminated, coming close to $350 million, as Bitcoin momentarily fell below $69,000 just before the U.S. election.
Based on data from the analytics tool TradingView, Bitcoin’s price fluctuations have caused its market control to surpass 59%, nearly reaching a peak of 60% seen on October 1, which is the highest level since April 2021.
Generally speaking, the overall feeling towards investing has become optimistic following Trump’s election win and crypto-friendly legislators taking office in both the US Senate and House of Representatives during the 2025-2029 term. This positive vibe is particularly noticeable within financial markets related to cryptocurrencies.
In a note to CryptoMoon, Caroline Bowler, CEO of Australian crypto exchange BTC Markets, said the spike in price is part of the “Trump Effect” as retail investors return to crypto.
At home, she mentioned that BTC Markets experienced a significant surge – a 300% rise in user logins last week. This is the highest number in the past six months, indicating a comeback of individual investors. This uptick coincides with the ongoing political revitalization of Trump, which seems to be echoing through worldwide financial markets.
In a November 10th message to X, on-chain analyst James Check pointed out that Bitcoin surpassed its all-time high (ATH) from past cycles, indicating it had reached the “Euphoria phase.
On the other hand, he mentioned that it’s currently showing a moderately reduced Market Value to Realized Value ratio,” he explained.
Eight months of solidification provided investors with the opportunity to adjust to elevated prices, thereby establishing a robust base for commencement, as confirmed.
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2024-11-11 08:50