Crypto Price Today: Bitcoin Holds $105K as $1B in Longs Get Wiped Out

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Bitcoin‘s Rollercoaster: Hold On Tight! 🎢💰

As the new week dawns, Bitcoin stands defiantly above $105,000, like a soldier in a trench, while the world holds its breath, fearing an impending showdown between Israel and Iran. Traders, those cautious creatures, are scurrying about, clutching their BTC puts like lifebuoys in a stormy sea, as the cost of these puts now eclipses that of calls. Fear, it seems, has taken the wheel. 😱

In a dramatic twist, over $1 billion in long positions have been liquidated, with Binance taking a hefty $200 million hit. Yet, Bitcoin remains steadfast, buoyed by the unwavering hands of institutional buyers. It’s almost as if the market is saying, “Bring it on!”

Ethereum, not to be outdone, has decided to flex its muscles, rising 2% to hover around $2,550. It’s found a cozy support level near $2,510, and yes, institutional inflows are also knocking at its door. Who knew crypto could be so popular? 😏

Glassnode’s Cheerful Prognosis: BTC’s Bull Cycle is Alive and Kicking!

According to the wise sages at Glassnode, Bitcoin’s current cycle gain is a staggering 656%. While this may seem modest compared to the wild rides of 2015–2018 and 2018–2022, where gains soared over 1,000%, it’s still a feat worth celebrating. After all, Bitcoin’s market cap is now a behemoth, suggesting that demand remains robust, even as short-term jitters rattle the cages. Though the price lingers below the last ATH of $112K, the appetite for Bitcoin is far from waning. Caution, however, is the name of the game for now. 🧐

What’s Cooking in the Crypto Kitchen? 🍳

Amidst the rising geopolitical tensions and market uncertainty, a few glimmers of hope have emerged to stabilize Bitcoin’s price this week. Michael Saylor’s foray into Pakistan’s crypto policy has ignited optimism, as the nation seeks to establish its own Bitcoin reserve and launch a national crypto council. Who knew Pakistan could be the next crypto hotspot? 🌍

Meanwhile, Galaxy Research has doused the flames of panic regarding Bitcoin’s OP_Return spam concerns, with Alex Thorn declaring the fears exaggerated. Instead, he urges the community to focus on meaningful upgrades like CheckTemplateVerify. Because who doesn’t love a good upgrade? 🔧

Adding to the positive vibes, Bybit has unveiled its new decentralized exchange, Byreal, built on Solana, showcasing the relentless innovation in the DeFi space. Together, these developments have lent support to Bitcoin’s stability, even as the specter of global conflict looms large.

Current Market Sentiment: A Mixed Bag

Gold, that old reliable, is also on the rise, hitting $3,447 as investors seek refuge. Japan’s Nikkei 225 stock index has climbed 0.87%, reflecting the mixed global reactions. Overall, the crypto market is displaying a remarkable resilience. With institutional backing for Bitcoin, fresh governmental interest from Pakistan, and exciting new DeFi projects like Byreal, the crypto space is holding its ground, even amidst the chaos of the world. Who said crypto was dead? Not today! 😄

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2025-06-16 11:12