Bitcoin price falls below $100,000 as historic rise cools – and longs react

Bitcoin jumped above $100,000 for the first time late Wednesday and continued to climb above $103,000, staying above the milestone level through Thursday – but eventually fell back into five figures.

As of writing, BTC is currently trading for $98,969, down from an all-time high of $103,679, as the leading cryptocurrency surpassed $100,000 in the last few hours.

According to data from CoinGlass, about $199 million worth of Bitcoin futures positions were liquidated in the last 24 hours, including nearly $127 million in short positions (bets on a falling price) and about $72 million Dollar on long positions (bets that BTC will rise). Price).

In the last hour alone, $23 million worth of Bitcoin long positions were liquidated. In total, positions worth $611 million were liquidated across all crypto assets in the last day.

Despite the decline, Bitcoin remains up almost 4% in the last week and 41% in the last 30 days. After breaking through the month-long mark of $73,737 on Election Day last month, it continued to rise to new all-time highs.

The recent price surge for Bitcoin and other cryptocurrencies has largely been attributed to Donald Trump winning a second term in the White House due to his pro-crypto campaign and various promises to the industry. On Thursday, he took credit for rising above $100,000.

“Congratulations, Bitcoiners,” Trump said in a Truth Social post. “$100,000!!! You’re welcome!!! Together we will make America great again!”