Yesterday, Nov. 19, Bitcoin surged past $37,000, coinciding with the win of pro-Bitcoin and “minarchist” libertarian candidate Javier Milei in the Argentinian presidential race. While a polarizing figure, this event has the potential to usher in another nation-state with a positive leaning towards Bitcoin, which, notably, is a G-20 country with a GDP of $633 billion, 20 times larger than El Salvador’s $32 billion GDP, according to the World Bank. The latter was the first nation to adopt Bitcoin as legal tender, sending ripples to the global financial community.
Simultaneously, as Bitcoin broke the $37,000 threshold, there was a palpable impact on the broader crypto market. Data revealed approximately $75 million in liquidations in the past 24 hours, with the majority being short positions. Bitcoin, predictably, bore the brunt of these liquidations, accounting for about $20 million.
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