20 January 2025
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Bitcoin Reaches New All-Time High of $109,114.88
Bitcoin Overview
- Bitcoin reclaimed a $2 trillion valuation with a new all-time high at $109,114.88.
- Current trading price is $108,062.83, up 2.74% in the last 24 hours.
Political Impact
- President-elect Donald Trump plans pro-crypto policies upon taking office on January 20.
- Trump's team launched meme coins OFFICIAL TRUMP (TRUMP) and Melania Meme (MELANIA), which increased 30.88% and 60.42%, respectively.
- Criticism arose regarding these coins being classified as pump-and-dump schemes.
Decentralized Finance Surge
- Bitcoin's decentralized finance sector saw a 2,000% increase in total value locked (TVL), reaching $6.5 billion.
- Bitcoin staking protocol Babylon contributed 80% of this TVL.
Liquidation Events
- $1.24 billion was liquidated from the digital asset market in the past 24 hours, including $911.23 million in BTC longs and $330.22 million in BTC shorts.
- $137.26 million was liquidated in just four hours.
Market Analysis
- Bitcoin's uptrend remains strong, with high accumulation levels since 2023.
- The Relative Strength Index (RSI) indicates bullish momentum at 66.48, suggesting potential prices around $120,000.
- The MACD shows increasing buying pressure, supported by a 117.45% jump in trading volume over the last 24 hours.