The post Why Bitcoin Price is Up Today? Factors Driving the Latest Surge Towards $100K appeared first on Coinpedia Fintech News
After teasing below $92k earlier this week, Bitcoin (BTC) price surged over 4 percent in the last 24 hours to briefly reach a range high of about $97,360, before retracing to $95,740 on Thursday, during the early Asian session. The flagship coin has attempted to regain bullish momentum to rally towards $100k before the end of November.
The ongoing Bitcoin price rebound carried with it the majority of the altcoin industry during the last 24 hours led by Ethereum (ETH). Consequently, the crypto cash rotation largely favored altcoins as depicted by the declining Bitcoin dominance in the recent past.
Factors that Influenced Bitcoin Pump Today
Paul Atkins’ Potential Appointment as US SEC Chair
Following the resignation announcement by current US SEC chair Gary Gensler, the search for the next top commissioner has intensified. According to Eleanor Terret, a Fox reporter, Trump’s transition team is highly considering Paul Atkins, a former commissioner with deep crypto understanding, as the next United States SEC chairman.
Positive Cash inflow to US spot BTC ETFs
After two days of conservative cash outflows, the US spot Bitcoin ETFs registered a net cash inflow on Wednesday. Led by Fidelity’s FBTC and Bitwise BITB, the US spot BTC ETFs registered a net cash inflow of $103 million on Wednesday, November 27.
Consequently, the US spot BTC ETFs now hold Bitcoins worth more than $104 billion, led by BlackRock’s IBIT.
Long Squeeze amid Institutional FOMO
According to the latest market data, out of the $77 million liquidated from Bitcoin’s levered market, $56 million involved short traders. After two days of notable liquidation of long traders, the possibility of a long squeeze significantly increased, thus pumping BTC price higher in the past 24 hours.
As Coinpedia previously reported, Bitcoin price has significantly benefited from the ongoing heightened demand from institutional investors. For instance, MicroStrategy Inc. has purchased Bitcoins worth more than $10 billion in the past two weeks, thus influencing other companies led by Metaplanet, Hut 8, and Rumble.