Bitcoin sees robust institutional demand despite global uncertainty
The cryptocurrency showed a signal that it was about to enter the cryptocurrency market, and after a rapid rebound to $106,000 on the 23rd, it is currently trading at the $105,000 range.
The price of Bitcoin fell 8% and raised concerns about the stability of mining. Bitcoin fell below $98,500 on the 22nd of last month, but recovered to the $106,000 level on the 23rd.
This was the first time in 45 days. Market fears eased somewhat after US President Donald Trump announced a complete ceasefire between Israel and Iran.
The market is now watching to see if Bitcoin can push to $110,000 or if downside risks remain.
Despite the volatility, the Bitcoin derivatives market
The recent price surge and crash resulted in the liquidation of a total of $193 million in leveraged bullish Bitcoin positions, which represents 0.3% of the total futures outstanding contracts.
Currently, the total leveraged position is $68 billion, with no significant change compared to the past 21 days. The 4.4% drop in Bitcoin price in the last 12 hours is a steep decline by historical standards.
That's not an unusual level -- there have been three similar corrections in the past 30 days -- but some traders are worried that the possibility of a protracted conflict with Iran could strain the global economy.
"It is too early to be convinced that Bitcoin will surpass $110,000 just because of the Middle East ceasefire," he said.
But the quick recovery above $100,000 shows that institutional investors remain interested in Bitcoin even in the face of global tensions.
2025/06/24 11:21 KST
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