Bitcoin Reclaims $65,000, Crypto Market Rebounds StronglyIn early trading on Tuesday (August 16th), Bitcoin price surged past the $65,000 mark, hitting a new high since June 21st with a gain exceeding 5.87%
Bitcoin Reclaims $65,000, Crypto Market Rebounds Strongly
In early trading on Tuesday (August 16th), Bitcoin price surged past the $65,000 mark, hitting a new high since June 21st with a gain exceeding 5.87%. Ethereum followed suit, touching $3,498, its highest point in two weeks, with a 5.81% increase. The top ten cryptocurrencies witnessed widespread gains, demonstrating a strong rebound across the market.
Bitcoin Leads the Charge, Liquidations Exceed $190 Million
Bitcoin's price has steadily climbed since the weekend, approaching $65,000 at the time of writing. This represents an over 20% increase from its July lows around $53,000. This bullish momentum has propelled other cryptocurrencies upward. Within the past 24 hours, DOGE has surged over 7%, while major tokens like BNB, SOL, and XRP have seen gains between 5% and 6%.
However, this robust rebound has been accompanied by heightened market volatility. According to Coinglass data, over $190 million worth of cryptocurrencies have been liquidated across the entire network in the past 24 hours, affecting over 57,000 individuals. Among these, short positions incurred losses totaling $157 million.
QCP Capital: Trump Incident Ignites Market Sentiment
Digital asset trading firm QCP Capital, in a recent analysis on its Telegram official channel, attributed this market rally primarily to the attack incident involving former President Trump over the weekend.
QCP Capital believes the attempted assassination of Trump over the weekend triggered a strong response within the cryptocurrency market. This response seems to stem from market expectations that Trump will emerge victorious in upcoming elections. Given Trump's public support for cryptocurrencies, the incident is perceived as a positive development for the crypto space.
Market Factors Favor Crypto Assets
Beyond the Trump event, QCP Capital also notes that selling pressure from the German government has depleted, significant hedge funds actively acquired bullish call options last week, and the market was primed for a rebound.
Furthermore, the continuous inflow into Bitcoin spot ETFs and the imminent launch of Ethereum spot ETFs provide robust support to the market. QCP Capital maintains a bullish strategy for the medium-term.
Conclusion
The strong rebound in Bitcoin and Ethereum, along with the broad gains across other cryptocurrencies, signifies a resurgence of optimistic sentiment towards crypto assets. It's crucial to recognize that market volatility has also intensified. Investors should exercise caution regarding market risks.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investing carries inherent risks, and it is crucial to proceed with caution.
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