$1.2 billion Wiped out: Bitcoin Squeeze Returns Strategy to Profit
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Bitcoin surpassed $79,000, boosting market cap past $1.55 trillion and pushing the broader crypto market to $2.65 trillion amid growing fears over $40 trillion in U.S. national debt.
Key facts
Bitcoin breached $79,000 Friday morning, pushing its dollar gains since Aug. 17 past $15,000
Meanwhile, on prediction markets, 71% of users expect bitcoin to breach $80,000, while only 23% project it to drop back to $70,000
Bitcoin surged past $72,000 to a session high of $72,850, gaining approximately 14% over four days and raising its market…
Bitcoin surpassed $79,000, boosting market cap past $1.55 trillion and pushing the broader crypto market to $2.65 trillion amid growing fears over $40 trillion in U.S. national debt
Summary
Bitcoin surpassed $79,000 on Friday as mounting U.S. debt fears over $40 trillion boosted alternative assets. Over $1.22 billion in short positions were wiped out across crypto markets, aiding Strategy’s profitability. Prediction market traders heavily favor bitcoin breaching $80,000 next, with 71% anticipating further gains. Bitcoin breached $79,000 Friday morning, pushing its dollar gains since Aug. 17 past $15,000.