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Bitcoin reached a historic milestone last week, breaking $100,000 for the first time and hitting a new all-time high of $104,000. This marked a 111 percent increase from summer lows below $50,000. However, the rally continued sharply 14.84 percentincluding a rapid 10 percent drop in just eight minutes – the biggest pullback from current ATH since the pre-election sell-off. The correction prompted more than $1.1 billion in liquidation, of which $419 million was in long Bitcoin positions, reinforcing the level of leverage in the market.
Despite this volatility, there are signs of market stability. The Profit meter achievedwhich peaked at $10.5 billion per day, fell to $2.5 billion, easing sales pressure. Future funding rates also normalized, indicating reduced speculative leverage. And while ETF flows in slow down a bit near the end of last week, they remain a vital source of support amid continued long-term profitability.
As Bitcoin consolidates above $100,000, the medium-term outlook remains positive, and with normalizing funding levels and easing sell-side pressure, a move higher is likely, provided. ETF income continue
The latest US economic data threw up some mixed results last week, but overall they showed that the economy still looks resilient. November saw a strong rebound in job creationwith 227,000 jobs added, going higher than expected despite October riots. However, a a slight increase in unemployment to 4.2 percent suggesting ongoing job transfers. Job openings in October increased to 7.74 million, reflecting steady demand for labor, although hiring was slower, reflecting employer caution amid economic uncertainty. At the same time, the service department it marked the 51st consecutive month of growth in November, but at a slower pace, with the PMI at 52.1, supported by strong consumer spending and wage growth. Inflationary pressures remain, but relief from supply chain bottlenecks and strong year-end prospects point to stability.
As the Federal Reserve assesses possible policy shifts since the new incoming administration, the economy remains anchored by a strong labor market and steady consumer demand. Recovery is uneven across sectors, however, indicating that cautious optimism is warranted.
In crypto news last week, South Korea experienced a a huge boom in crypto tradingwith $34 billion recorded in just 24 hours across major Korean crypto exchanges, after President Yoon Suk-yeol declared martial law. The political unrest led to panic selling and platform disruptions, highlighting the market's sensitivity to geopolitical instability. Broken Exchange Mt. Gox also transferred $2.4 billion worth of Bitcoin to a new wallet, just as Bitcoin rose above $100,000 for the first time. And Grayscale entered the competitive race to launch Solana ETFfiling to convert the Solana Trust as collected by SOL. These events illustrate the dynamic interplay of political, regulatory and historical factors shaping the evolving crypto landscape.
Have a great trading week!
The post Bitfinex Alpha | now equal to 100 000 US dollars appeared first Bitfinex blog.
