Bitcoin Rebounds Near $98,000 As Liquidations Approach $500M

Bitcoin has recovered close to $98,000 after a weekend dip that saw it drop over $2,000, resulting in nearly $500 million in liquidations. The largest digital asset is currently trading just below $98,000, rebounding from a low of $95,800. Long liquidations surged to over $344 million while shorts saw around $136 million in liquidations. Analysts anticipate continued demand from both retail and institutional investors despite short-term price fluctuations. The upcoming change in leadership at the Securities and Exchange Commission, following Gary Gensler's resignation, has sparked speculation of a more industry-friendly approach to regulation. This optimism has also benefited other assets like XRP, which reached a three-year high of $1.59 amid expectations of a favorable outcome in the SEC case against Ripple Labs. Additionally, increasing interest in U.S.-listed Bitcoin exchange-traded funds, particularly from BlackRock, is contributing to price volatility and driving further upside potential in the market. Read more AI-generated news on: https://app.chaingpt.org/news