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Bitcoin's New High Above $77 Deprives Shorters of $000M

Bitcoin's New High Above $77 Deprives Shorters of $000M

HappyCoinNewsHappyCoinNews2024/11/10 03:00
By:HappyCoinNews

On Friday evening Bitcoin (BTC) set a new price high of $77 (CoinGecko) before falling back to the $239 range.

Bitcoin's weekly growth was about 11%, its two-week growth was 15%, and the main cryptocurrency's monthly growth was 26%.

Friday's price rally resulted in liquidations totaling $260,27 million on derivatives exchanges, of which $128,24 million was short positions. Ethereum short positions that were liquidated accounted for $45,85 million, while short bets on Bitcoin reached $23,85 million.

Bitcoin futures have surged, with open interest reaching a record $47,38 billion. Interestingly, South Korea's "kimchi premium" has disappeared, with cryptoquant.com data showing a 2% discount to the global average.

Many crypto traders and analysts have been predicting that Bitcoin will grow to six-digit values ​​by the end of this year. It seems that with such dynamics, when Bitcoin is reaching record levels every day, it is becoming possible.

Bitcoin's upward trend is supported by the interest of institutions that invest heavily in American bitcoin ETF For example, on November 7, the capital inflow was record $1,38 billion .

In addition, since Trump's victory, traders transferred to the exchanges $9,3 billion in stablecoins, likely to be spent on buying rising Bitcoin.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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