Bitcoin, which spent Sunday at $ 62,500, started Monday with sharp rises. While the largest cryptocurrency reached up to $ 64,500 in the morning hours, this sharp movement also increased the dominance. Bitcoin dominance rose above 58% again.
$100 million shorts gone
The rise of Bitcoin also caused traders who played the decline of the largest cryptocurrency to suffer losses. Bitcoin positions worth $170 million were liquidated in the last 24 hours, while $100 million of these were short positions.
What are the reasons: Trump and China in the lead roles.
The biggest reason for the rise in Bitcoin is seen as Donald Trump getting ahead of Kamala Harris in polls and betting sites. It was noteworthy that Donald Trump has been seriously ahead for the last 1 week, especially on betting sites where money is deposited and voted. On Kalshi, one of these sites, Trump is ahead of Harris by 6%.
The fact that there is about 3 weeks left for the elections and Trump is still very strong is one of the factors that keep Bitcoin above.
China is a disappointment, but…
The statements made by the Chinese Finance Minister at the weekend also created disappointment in the financial world. The fact that the world’s second largest economy did not give details about the monetary expansion steps also led investors to uncertainty. Although Chinese and Hong Kong stock markets showed small increases this morning, these were not convincing movements.
Despite all this, the expectation that China will continue its monetary expansion movements and that these movements will be combined with Fed interest rate cuts may have a positive reflection on the crypto area.
Israel also remained silent
On the other hand, the fact that Israel has not yet ‘responded’ to Iran seems to have reduced the tension in the Middle East. It was known that such an attack could have a negative impact especially on oil prices. It was claimed that the Arab countries and the USA sent a ‘Stop’ message to Israel in this sense. Iran had stated that in the event of an attack, it could attack not only Israel but also the oil fields of Arab countries, which it sees as allies of Israel.