Bitcoin Brushes Off BIP 110 Fears to Trade Near $65,000
Bitcoin's price surge showed no signs of slowing down on Thursday, as it approached $65,000 before settling above $64,500. This level has proven to be a strong support for the asset, with two separate trading sessions seeing prices drop below but quickly rebounding. Despite this volatility, bitcoin's market capitalization remains close to $1.3 trillion, contributing to a total crypto market cap of over $2.29 trillion.
The rise in price has led to a decrease in short liquidations, with totals falling by more than 10% from Wednesday's figures to around $30 million. However, the derivatives market saw total liquidations reach $212 million, split almost evenly between short and long positions.
Market sentiment was affected on Thursday by debate over BIP 110, a proposal that could lead to a chain split if implemented. Proponents argue it's necessary for pruning non-financial spam and reducing node operating costs, while opponents warn of potential disruptions to the Ordinals and NFT ecosystems.