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Bitcoin Hits New Record Ahead of $124,400 - Unchained
Bitcoin touched a new all-time high of $124,457 on Wednesday, with daily trading volume for the leading digital asset surging 31% to $95.3 billion.
The price action triggered at least $130 million worth of liquidations in BTC short positions, according to data from CoinGlass, with total liquidations across the crypto market topping $426 million in the last 24 hours
Bitcoin’s momentum comes amid robust inflows into spot BTC ETFs, and expectations of looser U.S. monetary policy and potential rate cuts in the near future.
This story is an excerpt from the Unchained Daily newsletter.
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Joe Consorti, head of growth at Theya Bitcoin, pointed out that this price run marks bitcoin’s “longest bull market ever.”
“This cycle’s new market entrants have clearly reshaped bitcoin’s price behavior. Q4 will determine whether this continues, or if four-year cycles remain intact,” he said.