From Investing.com

November 11, 2024 2:30:24 pm:

Bitcoin has reached a historic milestone, surpassing $82,000 for the first time, sparking reactions from crypto critics. Peter Schiff expressed skepticism about the surge, attributing it to factors unrelated to Bitcoin’s fundamentals. The U.S. dollar’s rise and gold’s fall were cited as indicators of the market’s disconnect from traditional assets.

The crypto market has seen a surge in the past week, with Bitcoin jumping above $82,000 for the first time. This gain follows a week that saw the Federal Reserve cutting rates by 25 basis points, considered bullish by traders. Bitcoin’s price reached all-time highs of $82,544, with liquidations totaling $620 million in the last 24 hours.

Futures premiums have increased as Bitcoin’s price approaches $90,000, with open interest nearing $2.8 billion on Deribit. If Bitcoin closes in the green today, it will mark its seventh consecutive day of gains. Bearish bets lost $255 million, while longs were liquidated for $365.69 million, according to CoinGlass data.

Read more at Investing.com: Peter Schiff Reacts to Bitcoin’s Historic Rise Above $82,000 By U.Today