Bitcoin Surges to $89,000, Igniting a Market-Wide Boom

Bitcoin has surged to a record high of $89,000, marking its highest price ever. It is now just 12% away from hitting $100,000.

Following Donald Trump’s victory in the US presidential election, Bitcoin’s price has continued to rise sharply, leading to a boom in the entire cryptocurrency market. ETFs and many companies related to this field, such as MicroStrategy, have also seen their stocks grow significantly.

BlackRock’s Bitcoin ETF has a record trading volume of $4.5 billion. The price increase is partly due to MicroStrategy’s additional investment of $2 billion in Bitcoin. The company bought 27,200 BTC at an average price of $74,463, making a profit of more than $300 million immediately after the investment.

Bitcoin’s surge has also led to the largest leveraged liquidation in recent memory in the futures market, with the majority of liquidations being short positions.

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In addition, the stablecoin market cap is at a record high, hovering around $160 billion, creating huge potential for leverage to increase. This could help BTC surpass $100,000 in the next three months.

Trump’s upcoming presidency is seen as a positive sign for the cryptocurrency sector, where many expect clearer regulations to support innovation and the development of blockchain technology.