Bitcoin Rockets to $94K as $635M in Shorts Get Liquidated -Is $100K Next?

Bitcoin Rockets to $94K as $635M in Shorts Get Liquidated -Is $100K Next?

Wednesday, April 23, 2025 / No Comments

 

Cryptocurrency markets experienced a dramatic surge in volatility over the past 24 hours, with total liquidations surpassing $635 million. The majority of these losses over $560 million came from traders holding short positions, underscoring increasing pressure on bearish sentiment.

Leading the charge was Bitcoin (BTC), which soared past $94,000 to mark a 6.3% daily gain. According to data from CoinGlass, nearly $293 million in BTC short positions were wiped out during the rally. Ether (ETH) followed suit, climbing nearly 10% to trade around $1,787, triggering over $109 million in short liquidations.

Binance saw the highest liquidation volume among exchanges, accounting for $18.7 million in the last four hours alone 78% of which stemmed from short positions. Bybit and OKX also reported elevated liquidation activity, signaling broad-based volatility across crypto trading platforms.

Analysts Point to Short Squeeze Potential

Market watchers are increasingly pointing to a potential short squeeze, a phenomenon where a rapid price spike forces short-sellers to close their positions, further propelling prices upward. Crypto analyst Mister Crypto noted that significant liquidity is “building up around the $100,000 level,” suggesting the market could be poised for another breakout.

Sharing a Binance BTC/USDT Liquidation Heatmap, the analyst highlighted mounting liquidation orders near the $100K mark an indication that many traders may be forced to buy back into the market if prices continue to climb.

Bitcoin Hits 45-Day High

Bitcoin touched a 45-day high of $94,236 on Tuesday, buoyed by bullish sentiment and ongoing institutional interest. The rally has rekindled speculation around a possible six-figure price target, though opinions remain divided.

Skepticism Remains Over $100K Target

Not all experts are convinced that a $100,000 BTC is imminent. Vincent Liu, Chief Investment Officer at Kronos Research, cautioned that broader macroeconomic developments will heavily influence the asset’s trajectory.

“Bitcoin’s climb to $94K reflects renewed global optimism, but its path to $100K remains uncertain,” Liu told Cointelegraph. He pointed to the upcoming Federal Reserve’s FOMC meeting on May 6, ongoing trade discussions with India and China, and potential shifts in U.S. monetary policy as key variables.

“Any easing in tariffs or a dovish Fed could fuel further gains, while hawkish moves or geopolitical uncertainty may stall momentum,” Liu added.

Bitcoin May Surpass $100K as U.S. Dollar Declines, Says Arthur Hayes

Bitcoin May Surpass $100K as U.S. Dollar Declines, Says Arthur Hayes

Monday, April 21, 2025 / No Comments

 

Bitcoin's next parabolic move may be on the horizon as market conditions align with major macroeconomic shifts. According to BitMEX co-founder and Maelstrom CIO Arthur Hayes, incoming U.S. Treasury buybacks and continued U.S. dollar weakness could send Bitcoin soaring past $100,000.

Seriously fam, this might be the last chance you have to buy BTC under $100K,” Hayes wrote, referring to the Treasury’s planned bond buybacks as a potential “bazooka” for Bitcoin.

Treasury buybacks where the government repurchases its own debt are typically used to boost liquidity, manage interest rates, or reduce outstanding obligations. In doing so, they can inject capital into financial markets, often driving up demand for risk assets like Bitcoin.

Money Supply Growth Could Push BTC to $132K

Hayes isn't alone in his bullish stance. Jamie Coutts, Real Vision's chief crypto analyst, projects Bitcoin could top $132,000 by year’s end, citing M2 money supply expansion as a major tailwind.

Still, not all signals are green. Some analysts warn that global trade tensions, particularly between the U.S. and China, could weigh on investor sentiment.

Dollar Drops, Bitcoin Breaks Out

Bitcoin recently surged past $87,700 its highest level in nearly three weeks as the U.S. Dollar Index hit its lowest point since March 2022. The move followed former President Donald Trump’s announcement of new tariffs on Chinese goods.

“Bitcoin is clearly responding to dollar weakness,” said Bitwise’s André Dragosch.

Bitget Research’s Ryan Lee also sees room for upside: “We’re seeing strong volume, a breakout from a descending wedge, and a macro backdrop that favors Bitcoin as a hedge including rising gold correlation and institutional interest.”

Institutional Momentum Builds

Despite short-term volatility, institutional players continue to accumulate. Firms based in Japan and the UK have poured hundreds of millions into BTC in recent weeks, suggesting confidence in Bitcoin’s long-term role as a financial hedge.

Here’s what happened in crypto today

Here’s what happened in crypto today

Wednesday, April 16, 2025 / No Comments

 

Today in crypto, a new report from Coinbase outlines a shrinking crypto market but predicts a potential rebound in late 2025. Meanwhile, Strive Asset Management is urging Intuit to buy Bitcoin after convincing GameStop to add it to their balance sheet, and Ethena Labs is withdrawing from the German market following regulatory concerns over its USDe stablecoin.

Crypto in a bear market, rebound likely in Q3

Coinbase’s April 15 monthly outlook for institutional investors paints a bleak picture of the current crypto landscape. The altcoin market capitalization has dropped 41% since its December 2024 peak of $1.6 trillion, sitting at $950 billion by mid-April. According to BTC Tools, the lowest point reached was $906.9 billion on April 9, with a slight recovery to $976.9 billion at press time. The report also highlights a significant decline in venture capital investment, which has dropped by 50% to 60% from the 2021 to 2022 period. David Duong, Coinbase’s global head of research, warned that the market may be entering a new "crypto winter" due to negative sentiment triggered by global tariffs and economic uncertainty. Duong referenced key indicators like the 200-day moving average and Bitcoin’s Z-score, an analytic tool used to assess overbought or oversold market conditions, to suggest that the most recent bull market ended in February. Coinbase’s model now categorizes the market as neutral but anticipates possible recovery in Q3.

Strive urges Intuit to buy Bitcoin after converting GameStop

Strive Asset Management’s CEO Matt Cole is pushing Intuit, the financial software firm behind TurboTax and QuickBooks, to add Bitcoin to its treasury. In an open letter dated April 14, Cole warned that AI could disrupt Intuit’s core business, especially tax preparation. He pitched Bitcoin as a strategic hedge, citing it as the “best option available” for building a financial buffer amid AI-driven changes. Cole emphasized that a Bitcoin “war chest” would allow Intuit to maintain its position of strength and adaptability. The letter mirrors one Cole sent to GameStop CEO Ryan Cohen in February, which led to the company raising $1.5 billion, partly allocated for Bitcoin purchases.

Ethena Labs exits German market following agreement with BaFin

Ethena Labs, the developer behind the synthetic USDe stablecoin, is shutting down its German operations following regulatory intervention. On April 15, the company announced an agreement with Germany’s Federal Financial Supervisory Authority (BaFin) to cease all local activities through its subsidiary, Ethena GmbH. This move follows BaFin’s March 21 order halting the minting and redemption of USDe due to identified compliance deficiencies and potential securities violations. Ethena confirmed that it had not conducted any minting or redemption since BaFin’s action and will no longer pursue MiCAR (Markets in Crypto-Assets Regulation) authorization in Germany. This marks a broader trend of increasing regulatory scrutiny on stablecoins and crypto operations across Europe.

Mechanism Capital’s Andrew Kang Doubles Down on Bitcoin With $200M Long Position

Mechanism Capital’s Andrew Kang Doubles Down on Bitcoin With $200M Long Position

Monday, April 14, 2025 / No Comments

 

Andrew Kang, founder of crypto investment firm Mechanism Capital, has significantly increased his bullish bet on Bitcoin, doubling his previous position with an additional $100 million long. The move brings his total leveraged position to $200 million, according to on-chain data from blockchain intelligence platform Arkham.

"Andrew Kang just doubled his Bitcoin position," Arkham stated in an April 12 post on X (formerly Twitter), pointing to wallet activity linked to Kang. The firm reported that the added $100 million position carries a potential profit or loss margin of approximately $6.8 million.

This aggressive market stance follows Kang’s initial $100 million long placed on April 9 coinciding with a post by former U.S. President Donald Trump on Truth Social that read, “THIS IS A GREAT TIME TO BUY!!! DJT.” Shortly afterward, the Trump administration announced a 90-day pause on newly implemented tariffs, a decision that sparked a rally across both crypto and equity markets.

Kang commented on April 12, attributing Bitcoin’s potential trend reversal to what he termed “trade war capitulation” and a “Trump put” the notion that Trump will take measures to boost the stock market. He suggested these developments create ideal conditions for Bitcoin to rebound from its multi-month downtrend.

Meanwhile, political tensions have escalated. Senate Democrats have urged the U.S. Securities and Exchange Commission to investigate Trump and his affiliates for potential insider trading and market manipulation related to the timing of his social media post and the tariff pause announcement.

In the midst of the volatility, Bitcoin has seen sharp price swings. Over the past 24 hours, the cryptocurrency fell to a low of $83,197 before recovering to trade near $85,000, according to CoinGecko. Confusion around U.S.-China tariff policy has added to the market’s uncertainty. Trump later clarified that there was no tariff “exception,” but that certain electronics were reclassified under a 20% tariff rate.

With macroeconomic factors, political headlines, and high-leverage trades converging, Bitcoin markets remain on edge. Investors will be closely watching both the regulatory response and further moves by high-profile traders like Kang.

Kraken Partners With Mastercard to Launch Crypto Debit Cards in Europe and the UK

Kraken Partners With Mastercard to Launch Crypto Debit Cards in Europe and the UK

Wednesday, April 9, 2025 / 1 Comment

 

Kraken, one of the world’s leading cryptocurrency exchanges, has announced a partnership with Mastercard to launch crypto debit cards in the United Kingdom and across Europe. The move marks a significant step toward mainstream adoption of digital assets as real-world payment instruments.

The new Kraken Mastercard debit card will allow users to spend cryptocurrencies and stablecoins directly, bringing enhanced convenience and usability to Kraken’s growing customer base. Rollout of the card is expected in the coming weeks, with a waitlist already open to users.

This development comes as Kraken actively pursues regulatory approval under the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework, signaling its intent to operate in full compliance with upcoming crypto laws.

Building on Kraken Pay’s Momentum

The card launch builds on the rapid expansion of Kraken Pay, a payment service introduced in January 2025. Kraken Pay supports transfers in over 300 crypto assets across borders and includes features like “paylink,” enabling crypto payments via shareable URLs.

Since its debut, more than 200,000 users have activated Kraktag, a secure identifier for receiving funds without sharing banking details.

Mastercard’s Continued Commitment to Crypto

Mastercard, which has actively explored the crypto ecosystem through partnerships with platforms like MetaMask and Mercuryo, reaffirmed its commitment to supporting digital asset infrastructure.

“Partnering with Mastercard is a major step toward us bringing the vision of crypto’s everyday utility to life,” said Kraken co-CEO David Ripley. “Together, we will unlock crypto’s true potential for global commerce.”

Scott Abrahams, EVP of global partnerships at Mastercard, added, “Our latest partnership with Kraken is a testament to our drive for innovation in digital payments.”

As global interest in crypto payments grows, this collaboration underscores the increasing overlap between traditional finance and decentralized technology.

Bitcoin Could Fall to $10K as Market Correction Looms, Says Bloomberg Analyst

Bitcoin Could Fall to $10K as Market Correction Looms, Says Bloomberg Analyst

Monday, April 7, 2025 / No Comments

 

Bloomberg Senior Commodity Strategist Mike McGlone has issued a stark warning about the potential for a major correction in global markets, predicting that Bitcoin could fall as low as $10,000.

In an exclusive interview with Cointelegraph, McGlone cited heightened market volatility, deepening sell-offs, and macroeconomic instability exacerbated by ongoing U.S. tariff tensions under President Donald Trump as contributing factors to a potential sharp decline in crypto assets.

“The entire space needs a purge, much like the dot-com bubble. Dogecoin still has a $20 billion market cap. It should go to zero,” McGlone said, pointing to what he believes is unsustainable speculation in digital assets.

Despite a regulatory environment that remains relatively supportive, McGlone argued that Bitcoin’s reputation as “digital gold” is under serious pressure. He added that many investors who entered the market through newly launched Bitcoin ETFs are beginning to realize that they purchased a volatile, high-beta asset rather than a safe haven.

The strategist also emphasized that any recovery from a potential downturn is unlikely to follow the rapid V-shaped rebound seen after the COVID-19 crash. Instead, he expects a more gradual reset, citing the U.S. stock market’s current ratio of over 2.2 times GDP as a sign of overvaluation.

“Markets simply got too high. A correction is not only likely it’s necessary,” McGlone stated.

Investors are advised to brace for continued volatility and manage expectations for a prolonged recovery period.

Today's Top Crypto Headlines

Today's Top Crypto Headlines

Friday, April 4, 2025 / No Comments

 

OKX Fined $1.2 Million for AML Failures by Malta’s FIAU

Malta’s Financial Intelligence Analysis Unit (FIAU) has fined Okcoin Europe, the Europe-based arm of cryptocurrency exchange OKX, 1.1 million euros ($1.2 million) for multiple Anti-Money Laundering (AML) breaches in 2023. The announcement came on April 3, marking a significant regulatory action against the platform.

Despite recent improvements in OKX’s AML policies over the past 18 months, the FIAU stated that it could not overlook the compliance shortcomings from 2023, some of which were described as “serious and systematic.” OKX, one of the first exchanges to secure a license under Europe’s Markets in Crypto-Assets (MiCA) regulation, faced scrutiny for its business risk assessment (BRA) process during the 2023 compliance examination.

The FIAU found deficiencies in the BRA’s methodology, which hindered OKX’s ability to properly assess money laundering risks and implement adequate measures. Among the identified risks were the use of cryptocurrency mixers, privacy coins, stablecoins, and decentralized exchange tokens.

OKX did not directly address the fine, but a representative stated that the platform remains committed to enhancing its security, transparency, and compliance practices.

Genius Group Faces Bitcoin Treasury Downsizing Amid Legal Dispute

Singapore-based AI firm Genius Group has announced that it may need to reduce its Bitcoin treasury following a US court order restricting its financial activities. The New York District Court issued a preliminary injunction (PI) and temporary restraining order (TRO) on March 13, preventing the firm from selling shares, raising funds, or purchasing more Bitcoin.

The injunction is linked to a legal battle concerning Genius Group’s merger with Fatbrain AI. As a result, the company stated that while it would minimize Bitcoin sales, downsizing might become necessary if the court order remains in place.

Paul Atkins Moves Closer to SEC Chair Position

Paul Atkins, a nominee selected by former President Donald Trump, has passed a key committee vote in his bid to become the next chair of the US Securities and Exchange Commission (SEC). The Senate Banking Committee approved Atkins’ nomination with a 13-11 vote on April 3, moving it forward to a full Senate vote.

Atkins, known for his previous experience as an SEC commissioner, is expected to bring a more crypto-friendly stance to the agency. Committee chair Tim Scott expressed confidence in Atkins’ ability to offer “much-needed clarity” to the cryptocurrency sector.

Hut 8 and American Bitcoin Aim to Lead US Mining Efforts

Bitcoin mining firm Hut 8 has unveiled plans for a new mining venture named American Bitcoin, partnering with Donald Trump Jr. and Eric Trump. The initiative seeks to establish one of the most efficient and cost-effective mining platforms in the United States.

Hut 8 CEO Asher Genoot highlighted the strategic timing, noting that with China’s reduced presence in mining and growing pro-Bitcoin sentiment in the US, the venture is positioned to capitalize on favorable conditions. The company aims not only to expand mining capacity but also to maintain low operational costs, with an eye toward a public listing on a US exchange.

Genoot addressed criticisms of energy consumption, emphasizing that Bitcoin mining leverages cheap, renewable energy, aligning with advancements in the tech sector.

Bitcoin Price Risks Drop to $71K as Trump Tariffs Impact US Business Outlook

Bitcoin Price Risks Drop to $71K as Trump Tariffs Impact US Business Outlook

Thursday, April 3, 2025 / No Comments

 

Bitcoin (BTC) faces heightened risk of falling to $71,000 amid pressures from US trade tariffs, as warned by Charles Edwards, founder of Capriole Investments. Edwards highlighted that the recent increase in tariffs, announced by former President Donald Trump, has triggered a more significant drop in Bitcoin compared to US stocks. Bitcoin’s fall of 8.5% on April 2 stands in stark contrast to the modest 0.7% rise in the S&P 500.

The US business outlook, reflected in the Philadelphia Fed's Business Outlook Survey (BOS), shows a sharp decline to levels not seen since 2024's start, signaling heightened uncertainty comparable to crises in 2000, 2008, and 2022. Edwards noted that these risks could lead Bitcoin to test key levels, with a potential "sizable bounce" if it reaches $71,000.

Further analysis suggests that macroeconomic factors, including the US Federal Reserve's monetary policy, will play a pivotal role in determining Bitcoin's trajectory, with a close above $91,000 signaling a bullish outlook. Meanwhile, an anticipated influx of global liquidity could provide some support for Bitcoin's recovery in the coming months.