The government shutdown in the US and the uncertainty it created in global markets are cited as the most important reason behind this rise.
Bitcoin is trading at $125,771, up 2.05% in the last 24 hours. Its market capitalization has risen to $2.5 trillion, while its 24-hour trading volume has reached $62.92 billion.
During the rally, the futures market also experienced significant liquidations. A total of $303.84 million worth of positions were liquidated in the last 24 hours. Of this, $120.35 million consisted of long positions and $183.49 million consisted of short positions.
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Total liquidations by asset in the last 24 hours were as follows:
- ETH: $73.32 million
- BTC: $59.04 million
- COAI: $21.08 million
- LEFT: $13.59 million
- DOGE: $9.39 million
Analysts argue that Bitcoin’s rise is driven by the search for a “safe haven.” Political gridlock and budget uncertainty in the US are reportedly driving investors toward digital assets.
*This is not investment advice.
Continue Reading: BREAKING: Bitcoin Makes History, Sets New Record – Here Are the Latest Figures and What You Need to Know
