Market updates

241113: Crypto Rally Pushes Bitcoin to $90K as Market Expects Pro-Crypto Policies

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2024-11-13 | 5m

241113: Crypto Rally Pushes Bitcoin to $90K as Market Expects Pro-Crypto Policies image 0

Bitcoin briefly hit a record $90,100, reflecting the ongoing crypto rally since Donald Trump’s election win, which has spurred investor optimism for a pro-crypto U.S. government. This rally triggered over $900 million in liquidations of leveraged crypto positions, per CoinGlass data. Bitcoin’s price swiftly retreated by about 5% to the mid-$85,000s before rebounding back near its peak. Meanwhile, Ripple's XRP, XLM, and HBAR outperformed the CoinDesk 20 Index with gains of 15-18%.

Market data shows substantial resistance around $90,000, where mounting sell orders and options activity suggest a possible cap in the $90,000-$100,000 range. Despite this, Bitcoin still remains up nearly 1% in the last 24 hours. Ethereum and Solana dipped slightly, while other altcoins surged. Institutional investors see potential for significant growth with the anticipated favorable regulatory environment, positioning Bitcoin and other cryptocurrencies for continued demand amid easing inflation and positive economic conditions.

Source: CoinDesk

Futures Market Updates

In the past 24 hours, BTC futures showed a slight increase in open interest (+0.26%), while ETH futures saw a decline (-2.35%), indicating a stronger commitment to BTC positions compared to ETH. Both assets experienced a decrease in trading volume, with BTC volume dropping by 6.69% and ETH by 4.88%. Liquidations were similar in size for long positions, with BTC at $99.98M and ETH at $98.83M, but BTC short liquidations were significantly higher than ETH’s ($70.28M vs. $36.38M). The long/short ratio was fairly balanced for both, though BTC had a marginally higher concentration of shorts, while ETH’s funding rate (0.0214%) was notably above BTC’s (0.0134%).