Bitcoin Erupts Past $10,000 After Consolidation: $90 Million Liquidated on BitMEX

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Bitcoin has finally done it. Minutes ago, the asset rocketed past $10,000 for the first time in weeks, reaching as high as $10,250 in a massive surge upward. This was a more than 7% jump from where the cryptocurrency was trading prior to the move.Traders were largely unaware that this move was going to happen.As a result, data from shows that more than $80 million worth of short positions were liquidated on BitMEX alone. These shorts were liquidated within the span of an hour, and these numbers only count BitMEX, not other margin exchanges.Mike Novogratz Expects More Bitcoin UpsideGalaxy Digital co-founder and CEO Mike Novogratz expects more upside.Just an hour prior to this explosive surge higher, he noted that Bitcoin was “coiling” and was poised to “take out $10,000 soon.”Novogratz explained that with government balances skewing in favor of debt, there is a narrative rapidly forming that could boost Bitcoin. This echoes the lines of Tesla CEO Elon Musk and billionaire hedge fund manager Paul Tudor Jones, who said that the increase in government spending and debt make BTC look good.“$BTC is coiling. It will take out 10k soon. All the tragic turmoil in the USA adds to the narrative. Budgets are going one way and it’s the opposite of balanced. When 10k goes it will move fast. Get on the train,” Novogratz said.


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