
Bitcoin Surges as New Administration Takes Office
The cryptocurrency market saw a significant surge on Tuesday, coinciding with a wave of ETF filings submitted to the SEC within 24 hours of the Donald Trump administration taking office. Data from IntoTheBlock shows a 35.8% increase in large transaction volume and a 7.3% increase in daily active addresses. Transactions exceeding $100,000 jumped from 13,057 to 16,250 in a single day, while exchange netflows decreased by 67.9%.
Coinglass data reports that 152,371 traders were liquidated in the past 24 hours, amounting to $340.35 million. Despite this, the overall sentiment remains bullish, with analysts predicting further price increases.
Coinbase CEO Brian Armstrong expressed optimism about Bitcoin's future, stating that it marks "the dawn of a new day for crypto." Meanwhile, More Crypto Online observed that Bitcoin's move to $106,000 indicates a potential reversal attempt. A breakout above $109,330 would confirm this, potentially leading to further price increases.
Rekt Capital noted that Bitcoin is currently testing the range high for a breakout. He predicts that a daily close above $106,000, followed by a successful post-breakout retest, could lead to a historic rally toward new all-time highs.
how much longer will the Bitcoin bull run last?