Bitcoin (BTC) has made history again. The largest cryptocurrency broke its all-time high price record, reaching $125,819 minutes ago, according to Binance data.
The government shutdown in the US and the uncertainty it created in global markets are cited as the most important reason behind this rise.
Bitcoin is trading at $125,771, up 2.05% in the last 24 hours. Its market capitalization has risen to $2.5 trillion, while its 24-hour trading volume has reached $62.92 billion.
During the rally, the futures market also experienced significant liquidations. A total of $303.84 million worth of positions were liquidated in the last 24 hours. Of this, $120.35 million consisted of long positions and $183.49 million consisted of short positions.
Total liquidations by asset in the last 24 hours were as follows:
- ETH: $73.32 million
- BTC: $59.04 million
- COAI: $21.08 million
- LEFT: $13.59 million
- DOGE: $9.39 million
Analysts argue that Bitcoin’s rise is driven by the search for a “safe haven.” Political gridlock and budget uncertainty in the US are reportedly driving investors toward digital assets.
*This is not investment advice.