Bitcoin price and momentum continue to break records, with the most valuable cryptocurrency reaching a new all-time high. According to market data on December 16, Bitcoin reached $106,488 in early trading hours before falling to $104,771. This jump led to the liquidation of many short traders. Here are all the details…
This historic milestone further fueled Bitcoin’s impressive rally, which gained momentum following Donald Trump’s November election victory. Over the past month, Bitcoin’s value has surged by more than 15%, surpassing the $100,000 mark for the first time. Bitcoin also reached an all-time high in euros, hitting €101,212, according to CoinMarketCap data. However, as of press time, the price has slightly fallen to €99,610. Bitcoin has surpassed the €100,000 mark in euros for the first time.
The sharp price increase led to significant liquidations in the crypto market. According to Coinglass, investors speculating on Bitcoin lost a total of $119 million in the last 24 hours. The bulk of these losses were due to bearish positions. Taking into account other cryptocurrencies, investors’ total losses reached $312 million. About $200 million of the liquidations came from transactions made by short-term investors, once again showing how volatile the crypto market is.
As Bitcoin price climbs back above $101,000, whale activity has been intense over the past few days. According to data from Coinglass, the supply of Bitcoin on centralized exchanges has decreased by 37,000 units in the past seven days and is currently trading around 2.25 million. US spot BTC ETFs have attracted significant interest, led by BlackRock’s IBIT and Fidelity’s FBTC. Over the past week, these ETFs saw a total of $2.17 billion in net cash inflows. On the other hand, long-term Bitcoin holders are accelerating their overall sell-off, indicating that the cycle may be nearing its peak, according to Glassnode’s on-chain data analysis. In addition, the number of addresses holding at least 100 Bitcoins has increased by 1,582 in the past 9 weeks.
Interest in Bitcoin is rapidly increasing as both institutional players and governments begin to realize the potential of this digital asset. President-elect Donald Trump recently announced that his administration will take significant steps to make the US a leader in the cryptocurrency sector. Texas has taken steps to create a strategic Bitcoin reserve, signaling that similar steps could be taken at the federal level. With the US national debt exceeding $36 trillion, Bitcoin could play a significant role in strengthening economic resilience.