Bitcoin reached a new all-time high ahead of Donald *****‘s second inauguration as President of the United States.
Data from CryptoSlate shows Bitcoin climbing over 5% in the past hour, gaining nearly $10,000 to hit $109,300—just short of the $110,000 mark. This upward momentum also boosted other major cryptocurrencies, including Ethereum, XRP, and Solana, which all rose by over 3% during the same period.
Meanwhile, the rapid price increase led to significant losses for traders holding short positions.
In the past hour alone, bearish traders faced losses exceeding $100 million, with Bitcoin shorts accounting for more than $60 million. Over the last 24 hours, liquidations across the crypto market topped $1.2 billion, with short sellers losing a staggering $900 million.
Market observers pointed out that the rally aligns with growing optimism in the crypto community about *****’s second term.
Indeed, many expect his administration to introduce policies that could favor the industry. Notably, the new President has hinted at making the United States a leader in crypto innovation and has fully embraced the emerging industry, fueling positive sentiment among investors.
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