According to ChainCatcher, Singapore's crypto investment firm QCP Capital stated today that earlier in the Asian session, Bitcoin soared past $106,500, achieving yet another milestone. In the past 12 hours, the total amount of short liquidations reached approximately $151 million, driving this round of gains, as the market lacked liquidity over the weekend and traders were overly complacent (the funding rate on the Deribit exchange temporarily turned negative), leading the market to squeeze short positions on the upside. The ratio of Bitcoin to gold reached an all-time high during this wave, 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 further boosted market sentiment. Michael Saylor hinted that the company may continue to buy Bitcoin even if the spot price exceeds $100,000. This inclusion could attract passive funds into MicroStrategy's stock, thereby indirectly making it easier for the company to raise funds to purchase Bitcoin. This week's Federal Reserve meeting seems to be just trivial background information for Bitcoin, as its trend remains firmly driven by market sentiment. Although the likelihood is low, if the Federal Reserve and Powell take an extremely dovish stance, it could still provide support for further Bitcoin gains.
