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Cryptocurrencies stage recovery following Bitcoin’s retreat

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Cryptocurrencies witnessed a strong rebound on Wednesday, reclaiming much of the ground lost during the previous day’s sell-off, triggered by a retreat in bitcoin after hitting a new all-time high.

Bitcoin surged 7.9% to reach $67,273.54, according to Coin Metrics, while ether, the second-largest cryptocurrency, soared over 13% to $3,872.56, marking its highest level since January 2021.

On Tuesday, Bitcoin reached a new intraday record of $69,210, its first since November 2021, before experiencing a sharp pullback shortly after hitting the milestone.

Enclave Markets CEO David Wells described Tuesday’s sell-off as a “bullish sharp correction,” which is typical after reaching a multiyear all-time high. He noted the likelihood of a second test of the highs and emphasized the significance of large options positions in determining future market movements.

CoinGlass reported $100 million in short liquidations and $236 million in long liquidations across centralised exchanges in the previous 24 hours. When traders use leverage to short bitcoin and its price rises, they buy bitcoin back from the market to close their positions, leading to further price increases and liquidations.

Profit taking

David Duong, head of institutional research at Coinbase, highlighted the spot-driven profit-taking initially observed during the sell-off, followed by significant long liquidations that reset the market.

He expressed optimism about the short-term outlook, suggesting that barring a major external shock, another large drop is unlikely.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

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Warner Brothers & Discovery considers splitting up to boost stock value

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Warner Bros Discovery is considering a strategic breakup to enhance its stock performance, according to a Financial Times report.

The potential move aims to unlock value by separating its media assets from its reality TV and lifestyle businesses.

This decision follows pressure from investors to improve stock performance, amidst challenges in the media industry #featured #trending

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Investors worldwide grow increasingly optimistic about Trump winning the election

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Investors are increasingly optimistic about Donald Trump’s potential re-election, prompting a resurgence in the so-called ‘Trump trade’.

Market participants are closely monitoring Trump’s political strategies and public sentiment, influencing their investment decisions.

Kyle Rodda from Captial.com joins to discuss all the latest.

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Netflix expands use of ads despite slow subscriber growth

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Netflix is intensifying its efforts to introduce an ad-supported tier amidst a plateau in subscriber growth.

The streaming giant hopes to attract new users and boost revenue by offering a cheaper alternative that includes advertisements.

This move marks a significant shift from its traditional ad-free model, reflecting Netflix’s response to competitive pressures and evolving consumer preferences.

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