A tale as old as time

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Ahead Of The Curve

09 Dec 2024

A tale as old as time

With bitcoin crossing $100,000, risk appetite has grown, leading to multiple liquidation cascades, yearly high trading volumes, and extreme intraday volatility.

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Bitcoin battles to secure six-figure pricetag amid wild volatility

Bitcoin reached over $100,000 last week, inducing traders to pile into leverage longs which were quickly punished as price reversed in a liquidation cascade. MicroStrategy and U.S. spot ETFs have continued to accumulate BTC, having collectively acquired 300,534 BTC since the U.S. election on November 5. BTC’s wild week saw trading volumes spike to $17bn on December 5, a new yearly high. ETHBTC soared to highs of 0.04 following the $100k breakout, but ultimately retraced this move after yesterday’s leverage wipeout.