Bitcoin nears $110k in record-breaking surge
The positive market sentiment has been linked to optimism about Donald Trump’s second term as US President, with expectations of crypto-friendly policies enhancing the United States’ leadership in blockchain innovation.
Bitcoin has achieved a new all-time high, reaching $109,300 and nearing the $110,000 milestone. The surge, representing a 5% increase in just an hour, also lifted other major cryptocurrencies like Ethereum, XRP, and Solana, each gaining over 3%. The rapid rise triggered significant losses for traders holding short positions, as Bitcoin shorts alone accounted for over $60 million in losses.
The crypto market experienced liquidations exceeding $1.2 billion in the past 24 hours, with short sellers collectively losing $900 million. This momentum aligns with growing optimism surrounding Donald Trump’s second term as US President. Investors anticipate his administration will introduce policies favourable to the crypto industry, positioning the United States as a global leader in blockchain innovation.
With Trump signalling full support for the emerging crypto sector, market sentiment remains overwhelmingly positive, driving a fresh wave of enthusiasm and record-breaking gains for Bitcoin and other digital assets.
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The GIP Digital Watch Observatory team, consisting of over 30 digital policy experts from around the world, excels in the fields of research and analysis on digital policy issues. The team is backed by the creative prowess of Creative Lab Diplo and the technical expertise of the Diplo tech team.
