LIVEToday, the currency circle is boiling ❗️ The reason for the surge in Bitcoin has been found, and it is affected by three aspects!
After the CPI data was released last night, Bitcoin has started the main upward trend until today, breaking through 66,000 US dollars in one fell swoop, with a single-day increase of 6.3%. The increase of multiple varieties is more than 20%!
But while the bulls are reveling, the shorts on the other side have a liquidation of 114 million US dollars, and the largest single liquidation occurred at a value of 2.1146 million US dollars, equivalent to about 15.26 million yuan.
The sudden rise in the Bitcoin market has three main reasons:
1) Hong Kong Bitcoin spot ETF continues to hype, and there are constant rumors that Hong Kong's Bitcoin and Ethereum ETFs will be open to mainland China in the future. It sounds very exciting. If it is open, there will be hundreds of billions of funds pouring in, but the specific situation depends on the mainland's regulatory policies.
2) The weak core CPI data in the United States last night boosted expectations of interest rate cuts. This is undoubtedly good for risky assets. It is expected that the probability of interest rate cuts in September will further increase, and interest rate cuts are also possible in November and December.
3) The Chicago Mercantile Exchange Group is planning to launch Bitcoin trading. CME has held discussions with traders who want to buy and sell Bitcoin on a regulated market. This plan has not yet been finalized.
In addition to the above three aspects, there are some rumors, such as Musk has also started to buy a large number of Bitcoins. In general, the current market is still more positive news. The varieties that have risen a lot can be cashed out by about 30%, leaving enough bullets for subsequent callbacks before getting on the train.
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