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In summary
- Bitcoin regained $100,000 after Thursday’s drop, reaching $101,233 on Friday.
- Global liquidations totaled $890M in 24 hours, with Bitcoin leading with $489M, mostly from long positions.
- The rebound coincides with a strong US jobs report and a key appointment for the crypto industry.
Bitcoin has seen a couple of days of ups and downs, with a rally that took the leading Cryptocurrency past the all-time high of $100,000 on Wednesday night, and the subsequent crash on Thursday that quickly reduced the price below $93,000 as the Cryptocurrency liquidations were piling up.
By comparison, Friday has been much calmer for the market—and Bitcoin is starting to gradually regain the ground lost during Thursday’s sudden massacre.
Bitcoin returned to the $100,000 mark early Friday afternoon, breaking through the six-figure barrier around 12:45pm ET and continuing its climb to a price of $101,878. It has since cooled to $101,233, with BTC virtually flat over the past 24 hours.
However, Thursday’s pain for traders betting on the future price of Bitcoin and other major cryptocurrencies is not far behind us, with data from CoinGlass showing roughly $890 million in liquidations across all assets over the past 24 hours. .
Bitcoin is responsible for the majority of these, totaling more than $489 million, primarily made up of long positions—that is, bets that the price of an asset will rise in the future—for $408 million.
While there is no immediately obvious cause for Bitcoin’s bounce on Friday, the turnaround came after a relatively strong US jobs report on Friday morning, along with Donald Trump’s appointment of venture capitalist David Sacks as the first White House AI and Cryptocurrency Czar for the next administration.
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