The price of Bitcoin, the largest cryptocurrency in the world, has reached $100,700, crossing the $100,000 barrier for the first time since February. This article discusses the factors contributing to this surge and the overall state of the market.
Breaking the Key Barrier
At the time of writing, the BTC price is trading 8.56% lower than its all-time high, having reached a peak of $100,700.
Factors Behind Bitcoin's Growth
The recent rise is attributed to the signing of an agreement between the US and UK regarding customs duties, along with progress in negotiations with the EU. Additionally, Trump's indication that customs duties on China may be reduced could have influenced this trend.
State of the Altcoin Market
Ethereum has also managed to rise above $2,000, with many tokens in the altcoin market experiencing increases, some in double digits. This surge has led to $472 million worth of liquidations in the cryptocurrency market in the last 24 hours, $390 million of which were in short positions.
The rise in Bitcoin's price and the shifts in the cryptocurrency market highlight investor optimism amid changing economic conditions. Events such as the customs agreements and the general movement in altcoins may sustain market activity in the near future.
