According to PANews, Singapore-based crypto investment firm QCP Capital said in a post today that Bitcoin (BTC) surged past $106,500 earlier in the Asian session, reaching another milestone. In the past 12 hours, short liquidations totaled about $151 million, driving this round of gains as the market squeezed short positions on the upside due to insufficient market liquidity and traders’ complacency over the weekend. The Bitcoin-to-gold ratio reached an all-time high during this wave of activity, further highlighting Bitcoin’s status as “digital gold” and consolidating its position as a more popular means of storing value than traditional gold.
The inclusion of MicroStrategy in the Nasdaq 100 further boosted sentiment. Michael Saylor hinted that the company may continue to buy Bitcoin even if the spot price exceeds $100,000. The inclusion may attract passive funds into MicroStrategy shares, indirectly making it easier for the company to raise funds to buy Bitcoin. This week's Federal Reserve meeting seems to be just insignificant background information for Bitcoin, as Bitcoin's movements remain firmly driven by market sentiment. Although unlikely, if the Fed and Powell take an extremely dovish stance, it may still provide support for Bitcoin's further rise.
