Bitcoin (BTC) surpassed $91,000. Amid increasing price volatility, major altcoins also rose.
According to CoinMarketCap, a global cryptocurrency market monitoring site, as of 4:01 PM on the 4th, Bitcoin (BTC) was trading at $91,240.59, up 1.65% from 24 hours ago.
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Major altcoins also showed strength. Ethereum (ETH) rose 1.12% to trade at $3,140.13. XRP rose 1.98% to $1.87. BNB rose 1.30% to $884.52, and Solana (SOL) rose 1.97% to $133.76.
According to CoinDesk, a cryptocurrency news outlet, this surge follows a massive liquidation in the futures market. Approximately $180 million worth of cryptocurrency futures positions were liquidated over the past 24 hours. Of this, short positions liquidated amounted to approximately $133 million, significantly exceeding long positions liquidated at $47 million.
Investors who had bet on a price decline are interpreted to have liquidated their positions and bought when the price rose contrary to expectations, which in turn led to a larger increase in the price.
The market also sees political uncertainty surrounding Venezuela as a factor contributing to short-term volatility. On the 3rd (local time), U.S. President Donald Trump ousted Venezuelan President Nicolás Maduro through military action. At a press conference held at his Mar-a-Lago estate in Florida following the U.S. military strike, Trump stated, "We will run this country (Venezuela) until we can make a safe, proper, and intelligent transition."
CoinDesk analyzed that "in the cryptocurrency market, these geopolitical issues tend to be perceived as triggers for volatility rather than as direct macroeconomic variables." In areas with thin liquidity, even limited spot buying could cause prices to break through technical resistance levels, triggering a chain reaction of stop-losses in the futures market.
- Reporter Do Ye-ri
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