Bitcoin close to $90,000 and continues at all-time highs – Diario La Página –

In a day marked by high volatility, Bitcoin briefly surpassed USD 89,000 in the early hours of the Asian market before falling back to levels close to USD 87,000. According to reports from CoinDesk, this abrupt movement generated liquidations of futures contracts worth more than USD 600 million, both in long and short positions. The sharp swing in the price of the digital asset reached levels not seen since early April, when Bitcoin had surpassed its previous high of more than $73,000.

During the early hours, the world’s largest cryptocurrency extended its seven-day gains to more than 32%, posting an intraday high of $89,599. This streak came amid renewed enthusiasm for the crypto agenda that US President-elect Donald Trump plans to push following his victory in the November 5 election. Trump promised a friendlier approach to digital asset regulation, in contrast to the previous administration, sparking renewed optimism in the market.

Bitcoin’s surprise rally led the total value of the cryptocurrency market to exceed $3.1 trillion, even surpassing the level reached during the pandemic, according to data from CoinGecko. Analysts such as Chris Weston, head of research at Pepperstone Group, noted that Bitcoin is in “beast” mode. Weston highlighted that traders who have not yet positioned themselves are torn between chasing this rising asset or waiting for a slight correction in the market.

In parallel, Dogecoin (DOGE) became another protagonist of the crypto market by registering an increase of more than 40%, reaching close to 41 cents. This rally coincided with Trump’s closeness to tycoon Elon Musk, a well-known DOGE advocate. The meme token doubled its price in recent days, taking advantage of the speculative fever that broke out in the market after the elections.

Futures contracts on Bitcoin and Ether on the CME Group platform also reached all-time highs in terms of open interest. This indicates a growing participation of institutional investors in the US market, which in turn generates strong bullish momentum for prices. Additionally, MicroStrategy, the largest corporate holder of Bitcoin outside of the exchange-traded fund (ETF) sector, acquired approximately 27,200 BTC worth nearly $2 billion over a ten-day period between October 31 and on November 10.

However, volatility also brought significant losses for some traders. The cryptocurrency futures market saw nearly $700 million in liquidations, affecting both bearish and bullish investors. Of this amount, approximately USD 380 million corresponded to short positions, while about USD 290 million affected optimists who bet on a price increase.

Altcoins such as Solana (SOL) and Aptos (APT) also experienced considerable losses in the futures market, with liquidations exceeding $25 million for each asset. These figures, significantly higher than those usually recorded in more stable market conditions, suggest an accelerated return to higher risk bets among traders.

The recent Bitcoin boom was driven by the expectation that the new US government under Trump will establish a “strategic Bitcoin stock” and promote local mining of the digital asset, with the goal of turning the United States into the global cryptocurrency capital. . This position represents a radical change from the regulatory repression that characterized the Joe Biden government, revitalizing investor confidence in the market.

In turn, bets in the options market indicate that several operators believe that Bitcoin could exceed USD 100,000 before the end of the year, according to data from the Deribit platform. This optimism is supported by a combination of factors, such as the recent approval of dedicated Bitcoin ETFs in the United States and interest rate cuts by the Federal Reserve, which encouraged a flow of capital into digital assets.

The Bitcoin fever was also reflected in the increase in trading volume of BlackRock’s iShares Bitcoin Trust, which reached a record $39 billion in transactions. Despite the optimism, some analysts such as Katie Stockton of Fairlead Strategies LLC warned that it would be natural to see a period of consolidation after such a steep rise, recommending a “neutral stance” in the short term.

After 8 a.m. in Buenos Aires, Bitcoin was trading at USD 86,908.84, according to data from CoinMarketCap, maintaining high levels after the weekend’s rally. Investors continue to closely monitor price developments and the possible policies that the new US president will implement in relation to the crypto industry.