Bitcoin just shattered expectations, blasting past the $122,000 mark like it was nothing. Seriously, it didn’t even break a sweat. In fact, this surge pushed Bitcoin‘s market cap over a staggering $2.4 trillion, overtaking even Amazon. The previous all-time high? Gone. Just like that.
Bitcoin skyrocketed past $122,000, soaring to a $2.4 trillion market cap and leaving its previous all-time high in the dust.
It wasn’t just a casual stroll either; nearly $600 million in short positions were wiped out within 24 hours. Talk about a wake-up call for sellers.
The appetite for Bitcoin has skyrocketed, thanks in part to heavy inflows into spot Bitcoin ETFs. Corporates are scrambling to add Bitcoin to their treasury, and traders are jumping on the bandwagon, with almost $900 million in options bets targeting at least $140,000 by September. Now that’s bullish sentiment, especially with whispers of central banks possibly cutting rates in 2024. It’s no surprise everyone rushed in once the $110,000–$112,000 resistance zone crumbled.
But wait, there’s more! Institutional adoption is driving liquidity and price discovery. The second-largest weekly inflow into spot Bitcoin ETFs right before this surge? Yeah, that happened.
This rally isn’t just a flash in the pan; it’s embedding Bitcoin firmly among the top global assets. Cryptocurrency investments are not for the faint-hearted, as the market is highly unpredictable and can fluctuate rapidly.
The options market is buzzing too. Traders are placing big bets on Bitcoin hitting $140,000, even while over $600 million in short positions were liquidated. It’s like a game of musical chairs, but with a lot more volatility and way higher stakes.
In a world full of financial uncertainty, Bitcoin is strutting its stuff. It’s outpacing traditional companies, becoming the go-to macro hedge. The global market context is ripe for crypto inflows, and geopolitical factors might be giving it a little extra push.
