Bitcoin stabilizes around $98,000 as liquidations surpass $500M

Bitcoin is holding steady at around $98,000 after a volatile 24-hour period, and liquidations have exceeded $500 million across the cryptocurrency market. 

On Thursday afternoon, the BTC price was already notching high, above $99,000, with analysts expecting the token to hit the $100,000 milestone soon. However, the token’s price fell to a three-day low of $95,800 and is currently trading over $98,000.

Still, the price fall did drive one of the largest liquidation events of the year, with over $505.99 million liquidated in the past 24 hours. Long and short liquidations comprised $380.42 million and $125.58 million, respectively.

Bitcoin accounts for over $77 million in crypto liquidations in the last 24 hours

Bitcoin’s price fell to roughly $95,000 after failing to hit $100,000 on Friday. The price decline has riled up multiple liquidations, with over $500 million liquidated across all crypto assets. In the last 24 hours, 196,851 traders were liquidated, with long and short liquidations at $380.42 million and $1,255.58 million respectively.

Bitcoin accounts for over $77.9 million worth of liquidations, while Ether saw over $41 million in liquidations. Dogecoin and XRP followed with $34.6 million and $30.41 million, respectively. 

In a November 23 post on X, Miles Deutscher, a crypto analyst, commented on the market dynamics:

It feels like, for the first time in a while, all segments of the market are completely detached. But I want to make it clear: Whatever camp you’re in – this is bullish for the entire space. More attention = more liquidity, and in a true altcoin season, everything has its time to shine.

~ Miles Deutscher

Bitcoin is currently at $98,215; however, analysts still anticipate the token hitting $100,000 by the end of the year. QCP Capital also believes that the combination of strong Bitcoin demand and monetary policy easing globally will likely keep prices elevated toward the end of the year.

Donald Trump’s incoming administration propelled Bitcoin’s surge

Bitcoin’s price has soared by over 44% since Donald Trump won the election on November 5. Even now, the crypto community is buoyed by positive investor sentiment, driven by the incoming Trump administration’s promise to prioritize pro-crypto policies.

The Securities and Exchange Commission is also expected to have a new chair with Gary Gensler, the current chair, deciding to resign.

Gensler was not particularly popular with the crypto community, especially after taking such a heavy-handed approach to asset regulation.

At a Bitcoin conference in Nashville during his campaign, Trump even vowed to dismiss Gensler if elected. With his victory, speculation has risen that his choice for the new agency head will favour the digital asset industry and adopt a more lenient regulatory approach.

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