Published: Saturday, December 28, 2024 · 6:50 AM | Updated: Saturday, December 28, 2024 · 6:50 AM
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Bitcoin recently experienced significant volatility, briefly dropping to near $93,000 before recovering above $94,000. Over 92,500 traders faced liquidations totaling $241 million within 24 hours. The market turbulence was attributed to the expiration of $14.27 billion in Bitcoin options, with the largest positions at a $90,000 strike price. Deribit, a major derivatives exchange, reported $43 billion in open contracts expiring, including $13.95 billion in Bitcoin options.
Market fluctuations were intensified as traders adjusted their positions. Analysts suggested that Bitcoin’s price could face upward pressure if it stays above $95,000, while a drop below $90,000 might increase selling pressure. Additionally, Bitcoin halving cycles continue to influence market expectations.
In corporate news, KULR Technology Group invested $21 million in Bitcoin, boosting its stock price by over 40%. MicroStrategy Inc. (MSTR, Financial) announced plans to expand its Bitcoin holdings, already exceeding $40 billion, reinforcing its status as the largest public company Bitcoin holder.
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