Bitcoin Soars Past $87K as Tech Giants Fuel Nasdaq All-Time High

Bitcoin (BTC) reached an all-time high of over $87,000 on Tuesday, forcing more than $1 billion in short position liquidations. The surge in price was part of a broader technology-focused advance that saw the Nasdaq Composite reach unprecedented intraday peaks.

The tech-heavy index was propelled by artificial intelligence momentum, with Meta's stock skyrocketing more than 20% following the introduction of its Muse AI assistant on September 8. AMD also achieved trillion-dollar market cap status after a remarkable 9.6% share price surge, with approximately 185% year-to-date gains in 2023.

Binance committed $100 million to Circle, the creator of USDC stablecoin, highlighting intensifying competition among exchanges and financial institutions seeking expanded influence within the digital dollar ecosystem.