Exactly one year ago, Bitcoin investors saw a glimmer of hope as the top cryptocurrency began to climb out of a prolonged bear market, finally breaking back above $38,000 in November 2023.
After a year marked by renewed investor interest and potential regulatory shifts, Bitcoin hit a new milestone, soaring over 120% to touch $80,000 for the first time.
$0.08M pic.twitter.com/KX4FHShXA1
— Samson Mow (@Excellion) November 10, 2024
Many traders betting on a pullback were caught off guard as Bitcoin quickly ran from $76,000 to $79,500 early Sunday, leading to $435 million in liquidations across the market.
Spot Bitcoin ETFs have been key to Bitcoin’s rally this year, pulling in nearly $26 billion in cumulative inflows.
But with US-based ETFs closed for weekend trading, crypto Twitter personalities are already teasing the FOMO that Wall Street investors are in for come Monday’s open.
Wall Street gonna FOMO on Monday…
😅 pic.twitter.com/QtW07hldxj
— Bitcoin Archive (@BTC_Archive) November 10, 2024
Now, all eyes are on Bitcoin to see if it continues its climb into price discovery mode or faces a pullback.
MicroStrategy’s executive chairman, Michael Saylor, seems to be betting on more upside, hinting that he may be considering adding more Bitcoin to the company’s reserves.
I think https://t.co/meaZhpFNq9 needs more green dots. pic.twitter.com/faeNCKAvNQ
— Michael Saylor⚡️ (@saylor) November 10, 2024
The company is now over $10 billion in profit since it began its Bitcoin buying spree in 2020.
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
