At midnight yesterday, the market suddenly saw a wave of contract explosions.
The price of Bitcoin plunged to $90,500, and Ethereum fell to $3,677.
In the past 24 hours, contracts were liquidated for $1.04 billion, with long positions liquidated for $741 million and short positions liquidated for $300 million.
With such drastic ups and downs in the market, almost all the contracts opened yesterday were wiped out.
This reminds us once again that playing contracts is a game of hard work. The only reason you haven’t lost everything is because you haven’t played it long enough.
Just when Bitcoin was falling last night, a large investor took the opportunity to buy 600 Bitcoins, with a total value of more than 55 million US dollars.
Next time you can place an order before going to bed, this kind of pin-insertion washing method will make a profit as long as you buy it.
Among altcoins, the AI sector saw a general rise, with WLD, RENDER, and VIRTUAL all increasing by more than 20%.
The rise in WLD may be due to the positive impact of OpenAI's release of a new model.
OpenAI founder Sam Altman said they launched an intelligent model called o1, which costs $20 per month and is smarter, faster and has more features than previous versions.
It is important to note that OpenAI will conduct 12 live broadcasts in the next 12 days.
If they release innovative models again like GPT-3.5 at the end of 2022 or Sora at the beginning of 2024, it may trigger the AI craze again and further drive the rise of the AI sector.
The price of VIRTUAL, the AI token on the Base chain, also reached $1.95, breaking its all-time high.
Virtual is a decentralized AI agent "production factory" that supports the release of different AI agents.
It can be simply understood that Virtual is the "pump.fun" of the Base ecosystem, but unlike traditional memes, Virtual promotes the release of AI agents, so this project is also worth paying attention to.
It can be seen that funds have begun to flow into the AI, MEME and new public chain sectors. We have ambushed many of these projects, and now we just need to hold the coins and wait for them to rise.
It is worth noting that: Yesterday, Trump sent a tweet congratulating Bitcoin holders, saying that Bitcoin has reached $100,000, and shouting "Let's make America great again!"
We in the cryptocurrency community really have to thank Trump for the fact that Bitcoin was able to break through $100,000 so quickly this time.
At the Bitcoin 2024 conference in July today, Trump expressed his intention to make the United States the world's "cryptocurrency capital" and planned to establish a national Bitcoin reserve.
By the end of September, Trump and his three sons launched a new project called World Liberty Financial.
This is a decentralized finance (DeFi) platform that has also launched a token called WLFI.
Trump also became the "first US president to buy a hamburger with Bitcoin."
His vice president, Vance, is also a fan of cryptocurrency and is said to hold between $100,000 and $250,000 worth of Bitcoin on Coinbase.
In addition, Elon Musk, the world's richest man and one of the biggest contributors to Trump's victory in this round, is also a well-known cryptocurrency enthusiast and has pushed Tesla to purchase Bitcoin and include it in its financial statements.
He was particularly active in supporting Dogecoin, and even named the newly established government efficiency department "DOGE", which directly led to the rise of Dogecoin.
It is expected that after Musk takes office, the related MEME coins will see another wave of increases.
Trump’s coming to power marks a complete shift in the U.S.’s cryptocurrency policy and also removes institutional barriers to the development of cryptocurrency in the United States.
The U.S. Bitcoin spot ETF has brought a large amount of new funds into the crypto market.
MSTR's CEO Michael Saylor continued to increase his Bitcoin holdings, driving up the price of the currency and the stock price, and many listed companies began to follow suit.
After Trump takes office, he is likely to promote Bitcoin as a strategic reserve asset for the United States, which could trigger a revolution in reserve assets.
We are already seeing some countries begin to incorporate Bitcoin into legal tender.
For example, El Salvador uses Bitcoin as its national legal currency.
Some sovereign wealth funds are also investing in Bitcoin, such as Singapore's Temasek.
Bhutan has also been actively mining Bitcoin since 2021.
If more and more countries start to include Bitcoin in their reserve assets, even if they only allocate 1-5%, the demand for Bitcoin will increase significantly.
As institutional investors continue to absorb market liquidity through ETFs, long-term holders continue to increase, exchange circulation continues to decline, and listed companies hoard Bitcoin.
If coupled with the demand for sovereign reserves, Bitcoin’s scarcity premium could reach new heights.
This may push Bitcoin into a long-term bull market. If it really starts, it will only be a matter of time before the price of Bitcoin reaches $1 million.
