PANews reported on December 16 that Singapore-based crypto investment firm QCP Capital stated today that earlier in the Asian session, Bitcoin (BTC) surged past $106,500, reaching another milestone. In the past 12 hours, the total amount of short liquidations reached approximately $151 million, driving this rally, as the weekend saw insufficient market liquidity and traders became overly complacent (the funding rate on the Deribit exchange briefly turned negative), leading to the market squeezing short positions at the upper levels. 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 than 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 buy Bitcoin even if spot prices exceed $100,000. This inclusion may attract passive funds into MicroStrategy's stock, 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 possibility is slim, if the Federal Reserve and Powell take an extremely dovish stance, it could still provide support for further increases in Bitcoin.
