Bitcoin has experienced an up-and-down couple of days, with the rise bringing the leading cryptocurrency past the historic $100,000 price milestone late Wednesday, and the resulting plunge on Thursday rapidly dropping the price under $93,000 as crypto liquidations piled up.
By comparison, Friday has been much calmer for the market—and Bitcoin is starting to gradually regain ground lost during Thursday’s sudden bloodshed.
Bitcoin hopped back above the $100K mark early Friday afternoon, breaching the six-figure realm around 12:45pm ET and continuing to climb up to a price of $101,878. It has since cooled to $101,233, with BTC effectively flat over the last 24 hours.
Thursday’s pain for traders betting the future price of Bitcoin and other leading cryptocurrencies isn’t too far in the past, however, with data from CoinGlass showing about $890 million worth of liquidations across all assets over the past 24 hours.
Bitcoin is responsible for the majority of those, totaling over $489 million worth, primarily made up of long positions—that is, bets that an asset’s price will go up in the future—at $408 million.
While there’s no immediately obvious cause of Bitcoin’s rebound Friday, the swing came following a relatively strong U.S. jobs report Friday morning, along with Donald Trump’s appointment of venture capitalist David Sacks as the White House’s first-ever AI and Crypto Czar in the upcoming administration.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Be the first to comment