Yesterday, 70,000 were liquidated
Cryptocurrency, suddenly accelerating upward!
On October 29, Bitcoin's price strengthened, reaching as high as $74,160.50 during the day. As of the time of publication, it rose 2.04% to $71,045.
Analysts pointed out that the rise of cryptocurrencies is related to various news stimuli. With the official voting day of the U.S. presidential election approaching, market enthusiasm for Bitcoin is increasing. Additionally, international asset management giant BlackRock continues to buy, currently holding over 200 billion yuan in Bitcoin.
Bitcoin's surge resulted in 73,000 liquidations
On the morning of October 29, Bitcoin broke through $71,000 per coin, with a 24-hour increase of over 5%. Dogecoin surged over 18%, and Ethereum rose nearly 5%.
The sudden surge caused many short-sellers to be liquidated, with over $73 million in liquidations within one hour in the cryptocurrency market.
In 24 hours, the total number of liquidations exceeded 73,000, with a liquidation amount reaching $242 million.
Multiple factors stimulate the surge of Bitcoin
According to reports from Securities Firm China, analysts pointed out that the rise of cryptocurrencies is related to various news stimuli.
1. With the official voting day of the U.S. presidential election approaching, market enthusiasm for Bitcoin is growing. According to a report by CoinShares, the total inflow of digital assets last week reached $910 million, bringing the total inflow this year to $27 billion, nearly three times the record level of 2021.
2. Technology giant Microsoft, with a market value exceeding $3 trillion, is considering whether to invest in Bitcoin.
3. The world's largest asset management firm, BlackRock, purchased 34,000 Bitcoins in the past two weeks. BlackRock's recent acquisition of Bitcoin set a new record, with the company currently holding over 400,000 Bitcoins, worth over $28 billion (approximately 200 billion yuan).
4. The Hong Kong Securities and Futures Commission is establishing a consultation group for a virtual asset trading platform, expected to launch in early 2025. The Hong Kong Stock Exchange announced on October 28 that it will launch a series of virtual asset indices on November 15.
Hong Kong stocks of cryptocurrency concept surged
Stimulated by the strong rise in Bitcoin prices, Hong Kong stocks of cryptocurrency concepts and related ETFs also saw increases. As of the time of publication, OKC Cloud Chain (01499.HK), OSL Group (00863.HK), and New Fire Technology Holdings (01611.HK) rose by 20%, 15.32%, and 6.15%, respectively.
During the same period, ETFs also saw increases. As of the time of publication, CSOP Ethereum (03179.HK), CSOP Bitcoin (03439.HK), and Bosera Bitcoin (03008.HK) rose by 4.27%, 4.17%, and 4.07%, respectively.
