Bitcoin has surged past the $70,000 mark, reflecting a significant rise of almost 2.7% in the last 24 hours. Currently trading at just under $70,000, Bitcoin has seen a trading volume of $25.7 billion.
The total market capitalisation of the cryptocurrency market has now reached $2.48 trillion, marking a 3.5% increase. Bitcoin alone accounts for $1.374 trillion of this total, underscoring its dominant position in the market.
In the past 24 hours, $77 million has been liquidated, with $17.17 million in long positions and $59.8 million in short positions, according to CoinGlass.
The recent price rally is attributed to positive sentiments expressed by influencers at the Bitcoin Conference in Nashville. Notably, US presidential candidate Donald Trump made headlines by suggesting that Bitcoin could surpass gold in value and stating that it “will go to the moon.”
Additionally, Trump announced that, if elected, he would remove Gary Gensler as the chairman of the SEC and appoint a new chairman on his first day in office.
Some prominent investors have seen the recent market downturn as an opportunity to increase their cryptocurrency positions, although others have warned that worse is still possible.
CointelegraphSome high-profile investors have taken the recent market downturn as an opportunity to add to their crypto positions, though others warn there’s still a risk of worse to come.
CointelegraphIn an exclusive interview with Cointelegraph, macro investor Raoul Pal analyzes the macro factors that are keeping the crypto markets under pressure and the triggers that could spark the next Bitcoin rally.
CointelegraphRaoul Pal believes that the realization of institutional profits may be the reason for the recent Bitcoin sell-off, but the sell-off may be over for now.
CointelegraphRaoul Pal said: "I think there is a reasonable possibility that cryptocurrencies will become a $250 trillion asset class, which is 100 times the current value."
CointelegraphIn an argument with Greg Foss on Twitter, Raoul Pal said that the Bitcoin community "has lost sight of inclusion."
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