Bitcoin reached a new all-time high around 06:00 GMT this morning, approaching $98,000, and investors began discussing whether the $100,000 target was imminent.
Bitcoin, which has gained 30% in the last two weeks, is approaching $98,000, while pro-crypto policies in the US and FED interest rate cuts have increased risk appetite among investors and supported this rise. This movement is called the "Trump trade" among investors. In particular, the strong start of BlackRock's Bitcoin spot ETF (IBIT) options accelerated institutional adoption of Bitcoin. IBIT, which attracted attention with its trading volume of 73 thousand contracts on its first day, made a great contribution to the growth of the market.
How Close is Bitcoin’s $100,000 Target?
Market analysts predict that it is only a matter of time before Bitcoin surpasses $100,000. Bitcoin ETF options offered by major companies such as BlackRock, Bitwise, and Grayscale allow for diversified strategies in the market, reducing volatility and strengthening Bitcoin’s position as a mainstream asset. With this development, the entire cryptocurrency market is expected to rise with Bitcoin’s growth.
MicroStrategy, one of the world’s largest public Bitcoin holders, announced plans to raise approximately $2.6 billion through the issuance of a 0% convertible bond due in 2029. The announcement caused Bitcoin to break its previous all-time high (ATH) and accelerate its bullish move.
On the other hand, US President Donald Trump’s statements that he plans to make Bitcoin a national reserve currency are also one of the important reasons for this huge rise. According to the news spread last night at 11:00 p.m., Trump’s presidential team is considering creating a new position in the White House that focuses solely on cryptocurrency policies. In addition, the fact that demand for BlackRock’s ETF options has been much higher than expected and the generally upward expectations in Bitcoin have contributed greatly to this rise.
$455 Million Was Wiped Out
Bitcoin’s rally to near $98,000 has led to massive liquidations in long and short positions. According to CoinGlass data, $455 million worth of positions were liquidated in the last 24 hours, $181 million of which were short positions and $274 million were long positions. 159,000 investors were affected by the liquidations.
The largest liquidation in the last 24 hours was recorded with the liquidation of a long position opened in the $4.63 million ETHBTC contract on the Binance platform.
Bitcoin is currently trading at $97,250, having pulled back somewhat after surpassing $97,800 today.