Bitcoin Price Prediction as BTC Touches $35,000 for First Time Since May Last Year: Can an ETF Approval Send BTC to $100,000?
Bitcoin (BTC), the most valuable cryptocurrency in the world, has recently achieved a significant milestone by surpassing $34,000. This represents its highest point in the past three months.
The increase in value can be attributed to the increasing optimism regarding the potential approval of a Bitcoin Exchange-Traded Fund (ETF).
The global cryptocurrency market's total value now stands at $1.27 trillion, with a 10% gain in the past 24 hours.
It's worth noting that as Bitcoin's price surged past $34,000, it caused losses of over $220 million for traders who were betting against it in the last 24 hours.
According to Coinglass, the entire cryptocurrency market experienced over $400 million in liquidations during the past day. Short positions suffered the most, losing over $304 million compared to $97.5 million in long positions.
This marks the largest liquidation since August 17, when Bitcoin's price dropped by 9% and fell below $25,000.
Bitcoin, the world's largest digital currency, has experienced a surge of over 13% in the past 24 hours, bringing its trading price to $34,614.
This increase has also contributed to a significant rise in the total cryptocurrency market capitalization, which now stands at $1.32 trillion, marking a nearly 10% increase within the same time frame.
According to Sergei Gorev, the risk manager at YouHodler, Bitcoin is increasingly attracting interest from institutional investors. This is primarily due to economic uncertainty and global instability.
Gorev highlights that capital is flowing into cryptocurrency products, with a significant portion being directed towards Bitcoin.
The growing interest in Bitcoin as an asset is driven by people seeking to safeguard their savings against the impact of global
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