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"Bitcoin surpasses $91,000…Risk-asset preference expands amid U.S. response to Venezuela"
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- It reported that Bitcoin surpassed $91,000, showing a strengthening of risk-asset preference across major virtual assets.
- It stated that large short-position liquidations in the futures market recently expanded buying pressure, promoting price increases in major virtual assets.
- It said that geopolitical issues surrounding Venezuela can act as a factor that stimulates short-term market volatility.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Bitcoin surpassed $91,000, continuing the rebound trend from earlier this year. Major virtual assets (cryptocurrencies) such as Ethereum (ETH), Solana (SOL), and Cardano (ADA) also rose, indicating a strengthening of overall risk-asset preference.
According to virtual-asset specialist CoinDesk on the 4th, the rise is thought to have been triggered as excessive positions in the futures market were cleared. About $180 million worth of futures positions were liquidated over the past 24 hours, of which short-position liquidations accounted for $133 million. It is interpreted that investors who had bet on a decline were forcibly liquidated during the price rebound, expanding buying pressure.
Bitcoin traded around $91,300 in early Asian trading hours that day. It rose about 1.4% on the day, and its 7-day gain exceeds 4%. Ethereum rose about 1% to around $3,150, and gained about 7% on the week. Solana rose 1.6% in a day, rising more than 8% over the past seven days. XRP (XRP) slightly exceeded $2, up 0.6% on the day and about 10% on the week. Cardano also edged up, recording roughly an 8% gain on the week.
Geopolitical issues surrounding Venezuela were also cited as a factor that increased market volatility. President Donald Trump said that the United States plans to intervene in Venezuela, but did not provide a clear explanation of the specific methods. Afterwards, Venezuela's Supreme Court vested presidential powers in Vice President Delcy Rodríguez in place of President Nicolás Maduro, who it said was in U.S. custody. President Trump also hinted that the U.S. could exert influence on the ground, mentioning America's interests in Venezuelan oil. Markets in virtual assets typically regard such political headlines not as direct macro variables but as factors that stimulate short-term volatility.
The outlet said, "In relatively thin liquidity ranges, even limited spot buying can break through major technical resistance levels and induce stop-losses in the futures market," and "In situations where short positions have accumulated, a gradual upward trend is more likely to convert into rapid price movements."
