CoinVoice has learned that Singapore's crypto investment firm QCP Capital stated today that earlier in the Asian session, Bitcoin surged past $106,500, achieving another milestone. In the past 12 hours, the total amount of short liquidations reached approximately $151 million, driving this surge, as weekend market liquidity was insufficient and traders were overly complacent (the funding rate on Deribit briefly turned negative), leading to a squeeze on short positions in the market. The ratio of Bitcoin to gold reached an all-time high during this wave of price action, further highlighting Bitcoin's status as 'digital gold' and solidifying its position as a more popular store of value compared to traditional gold.
The inclusion of MicroStrategy in the NASDAQ 100 index has further boosted market sentiment. Michael Saylor hinted that the company may continue to purchase Bitcoin even if spot prices exceed $100,000. This inclusion may attract passive capital inflows into MicroStrategy's stock, thereby indirectly making it easier for the company to raise funds to buy Bitcoin. This week's Federal Reserve meeting seems to be just inconsequential background information for Bitcoin, as its movements remain firmly driven by market sentiment. Although the possibility is small, if the Federal Reserve and Powell take an extremely dovish stance, it could still provide support for Bitcoin's further rise. [Original link]
