Bitcoin, which came very close to $ 100,000 on Friday, fell to $ 95,000 with the correction it experienced over the weekend. However, BTC, which started the new week with an increase, managed to rise above $ 98,000. Nevertheless, the sharp decline over the weekend caused a wider pullback in the market.$BTC
With this decline, many altcoins lost value, while around $500 million in leveraged transactions were liquidated. XRP and Dogecoin (DOGE) were the main altcoins that suffered major losses, while Solana (SOL), Ethereum (ETH), Cardano (ADA), and Binance Coin (BNB) fell between 2% and 5% before recovering earlier today.$BNB
However, the cryptocurrency market started to recover in the morning hours, and the last 24-hour losses in XRP, ADA, ETH, and SOL decreased to less than 2%.
While losses in Bitcoin and altcoins have eased, liquidations in leveraged positions have continued. According to Coinglass data, a total of $490 million worth of leveraged trades were liquidated in the last 24 hours. $359 million of this amount was from long positions and $130 million from short positions.
In the last 24 hours, 186,281 investors liquidated, while the largest liquidation order was placed on the BTC/USDT trading pair on Binance, with a transaction value of $13.24 million. Although this pullback in Bitcoin caused a brief panic, BTSE COO Jeff Mei told Coindesk that institutional demand is still very strong, predicting that Bitcoin could reach $100,000 this week.
“Bitcoin is clearly leading the market. This is a strong indication that a large portion of the demand is being driven by institutions buying ETFs,” Mei said. “It is quite possible to reach $100,000 next week. We think institutions will start investing in spot Ethereum ETFs soon and hopefully Solana ETFs once they are approved,” he added.
Mei also said that Trump’s transition team met with crypto executives and discussed pro-crypto policies, giving hope for a rally that will last until 2025.
Bitcoin is currently trading at $98,200.