Bitcoin's Weekend Spike Leads to Liquidation of $170 Million in Short Positions

Money | July 15, 2024, 6:14 a.m.

In a recent surge following an attempt on Donald Trump's life, Bitcoin hit $63,110, the largest daily gain since May. The assassination attempt has led to speculation of increased election chances for Trump, boosting crypto market prices. Analysts attribute the rise to whale accumulation and German government sales. While leveraged positions indicate bullish sentiment, caution remains about potential reversals. Following a record high in March, Bitcoin experienced corrections due to moderating inflows and Germany's token sales. The Mt. Gox liquidation and seasonal trends could impact the market in the coming months. Experts foresee Bitcoin hitting $100,000, with potential investments shifting towards altcoins. Overall, the market is poised for growth with increasing DeFi opportunities and government support for Bitcoin innovation. Subscribe to Alpha Reports for exclusive insights on airdrops, NFTs, and more to up your crypto game.