FameEX Hot Topics | Bitcoin Price Breaks Through $90,000 for the First Time as Market Frenzy Heats Up
2024-11-14 18:56:40
November 13th, Bitcoin The price crossed the $90,000 mark for the first time, setting a new all-time high. Bitcoin last traded at $90,776, according to CoinDesk. Bitcoin prices have risen more than 30% since the U.S. presidential election on November 5, indicating that the crypto market is very optimistic about the regulatory policies of the new administration. During his campaign, Trump promised to make the United States the "global cryptocurrency capital" and planned to establish a strategic Bitcoin reserve. These policy propositions are seen as the main factors driving the rise in Bitcoin prices.
While the price of Bitcoin is surging, trading activity in the cryptocurrency market as a whole has also increased significantly. According to data from Coinglass, a total of 207,739 traders were liquidated in the past 24 hours, bringing the total liquidation amount to $638 million. In addition, the global cryptocurrency market capitalization rose 1.5% on the day, exceeding $3.1 trillion for the first time since 2022.
Market analysts pointed out that Bitcoin’s current rise is a “deterministic bull market”, but there may still be fluctuations in the short term. From the supply side, similar to the effect of previous halvings, the market generally starts about half a year after the halving; while from the demand side, the market generally believes that the coming to power of Bitcoin-friendly President Trump is the driving force behind this round of cryptography. The main reason for the rise in currency prices.
In addition, the Federal Reserve’s monetary policy also has an impact on Bitcoin prices. On November 13, data released by the U.S. Bureau of Labor Statistics showed that the CPI increased by 2.6% year-on-year in October, in line with market expectations. After the data was released, traders increased their bets on a rate cut by the Federal Reserve in December, with the CME Group's FedWatch tool showing that the probability of a rate cut by the Federal Reserve in December increased significantly to 79.3%.
Looking ahead, the market is optimistic about the direction of Bitcoin prices. Data from event prediction platform Kalshi shows that 60% of users are betting that Bitcoin will hit the $100,000 mark by January 2025, and 45% of users believe that Bitcoin will reach the mark in November.
However, analysts also cautioned that despite high market sentiment, investors should remain cautious and pay attention to the risk of market fluctuations.
Overall, the surge in Bitcoin prices reflects the market’s optimistic expectations for new government policies and confidence in the future development of cryptocurrencies. However, investors still need to carefully assess risks and do a good job in risk management when participating in the market.
Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.