The world’s largest cryptocurrency, Bitcoin, has finally surpassed one of the biggest psychological barriers of $85,000 and is trading at $85,124 at the time of writing.
With the rise in BTC, the all-time high price level has also been updated to 85,500.
Image showing the current state of the chart with 15-minute candles after the recent rally in BTC price.
It is thought that the reason for this huge increase in the BTC price is the election of cryptocurrency-supporting Donald Trump as the President of the United States, the widespread belief that Elon Musk will also have a say in this administration, and also the predictions that the FED will proceed on the path of monetary easing in the coming period.
On the other hand, due to the rise, there were also large-scale liquidations in the cryptocurrency market. In the last 24 hours, the entire cryptocurrency market faced a total liquidation of $661 million, and despite the rise, interestingly, $361 million of these were in long positions.
The assets that experienced the largest liquidation were recorded as Bitcoin, Ethereum and Dogecoin, respectively.
*This is not investment advice.
