The value of Bitcoin hits a new high!
In the early morning of November 14, Bitcoin broke through $93,000, setting a new record. However, it quickly fell back to $90,400, with a market value of $1.78 trillion. As of 9:52 on November 14, Bitcoin fell back to $89,000, up 112.3% year-to-date.
The reporter noticed that at 10:30 pm on November 13, Bitcoin officially broke through the $90,000 mark for the first time in history. This was only three days after it broke through the $80,000 mark. At noon on November 11, the price of Bitcoin broke through $81,000 per coin, reaching a high of $81,792 per coin.
The ups and downs of cryptocurrency prices caused 250,000 people to be liquidated. According to Coinglass data, as of 9:52 on November 14, in the last 24 hours, a total of 252,300 people were liquidated, with a total amount of $851 million. The largest single liquidation occurred on Binance-BTCUSDT, with a value of $32.1315 million. Among them, the liquidation amount of Bitcoin was $253 million, with long orders liquidated at $119 million and short orders liquidated at $134 million.
Yu Jianing, co-chairman of the Blockchain Committee of the China Communications Industry Association, told the International Financial News that the current rise in Bitcoin was driven by multiple factors. First, Trump's victory in the US presidential election brought obvious policy optimism to the digital asset market. During the campaign, Trump repeatedly expressed his support for the digital asset market and promised to treat Bitcoin as a strategic asset, reduce regulatory barriers, and promote market development. This position has received widespread attention and support in the digital asset industry, making the market optimistic about the future policy environment and leading to an acceleration of capital inflows.
Secondly, the continuous influx of funds attracted by Bitcoin spot ETFs is also one of the important driving forces of this round of rise. The participation of institutional investors in Bitcoin has increased, and spot ETFs have attracted a large amount of institutional funds, which has enhanced the liquidity and purchasing demand of the market. Data shows that after Trump's victory, Bitcoin spot ETFs had a net inflow of US$1.63 billion last week, Grayscale Spot Bitcoin ETF GBTC had a weekly net outflow of a record low, and Ethereum spot ETF had a net inflow of US$154 million last week, reaching a record high. The further increase in net inflows of ETFs reflects the confidence of institutional investors in the future prospects of the market.
In addition, structural factors in the digital asset market also support the rise in Bitcoin prices to a certain extent. In this round of rise, Bitcoin's market dominance (BTC Dominance) has increased, indicating that funds have shifted from the altcoin market to Bitcoin, forming a "blood-sucking effect". With increasing market uncertainty and the lack of stable growth in mainstream investment targets, Bitcoin's safe-haven properties as "digital gold" have been further reflected, attracting more capital investment.
Finally, market sentiment and technical factors cannot be ignored. After breaking through several important technical support levels, Bitcoin has formed a strong upward momentum, attracting more funds chasing the rise. As market sentiment continues to rise, the joint participation of retail investors and institutions has further promoted price increases, forming a virtuous circle. However, it is worth noting that the rapid rise in prices is often accompanied by the risk of callbacks. Investors still need to remain vigilant in this round of market conditions and avoid blindly following the trend.
