As the outcome of the US presidential elections draws closer, Bitcoin has just broken a new price record, surpassing its previous ATH of $73,700. The king of cryptocurrencies is now entering a price discovery phase.
Bitcoin breaks new price record, crushing its previous ATH
238 days. This is the time it took for Bitcoin to surpass its highest price of more than $73,700 reached last March, 2 months before the arrival of spot Bitcoin ETFs on the American market.
The price of Bitcoin has just crossed this emblematic milestone, which seemed almost out of reach for several months. Indeed, BTC was oscillating until then in an endless channel, multiplying the fake rallies much to the dismay of investors.
In addition to having broken its previous ATH, the price of Bitcoin briefly continued its rise and even reached the symbolic milestone of $75,000 on the Binance platform, before returning to $74,000 at the time of the announcement. writing these lines.
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Evolution of the Bitcoin price over the last 48 hours
As for liquidations, investors who placed short positions suffered this increase, unsurprisingly. 300 million dollars have been liquidated over the last 24 hours.
According to data collected by CryptoQuant, spot Bitcoin ETFs have injected around $230 million per day into Bitcoin over the last 30 days. BlackRock's IBIT is still largely the industry leader, with over $31.2 billion in Bitcoin held on behalf of its clients. Almost double that of Grayscale, its main competitor.
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At the same time, Bitcoin continues to “crush” other cryptocurrencies, in fact the dominance of BTC compared to altcoins continues to increase to reach 60%.
For the moment, all eyes are on the next meeting of the American Federal Reserve (Fed), which will take place on November 6 and 7, the day after the American presidential elections, a major challenge for the cryptocurrency sector.
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