In the dynamic world of cryptocurrency, Bitcoin’s recent surge has left a trail of over $78.5 million in short liquidations within a mere 24 hours. This whirlwind of activity has seen the broader market facing liquidations totaling over $191 million, predominantly comprising short positions amounting to about $127 million.
Bitcoin’s ascent beyond the $71,000 mark, marking a 6% increase within a day, has captivated market watchers. Could this momentum propel Bitcoin to new all-time highs? The last peak was witnessed on March 13, when Bitcoin surpassed $73,000.
On the last day, a staggering 66,416 traders faced liquidation, resulting in a combined loss of $191 million. The most significant liquidation occurred on Bybit for the BTCUSD pair, with a value of $1.94 million.
Analysts at QCP Capital speculate on the driving forces behind this bullish momentum. The news of the London Stock Exchange gearing up to trade Exchange Traded Notes (ETNs) for Bitcoin and Ethereum in May and increasing interest from asset managers who view Bitcoin as a valuable portfolio diversifier has ignited optimism.Â
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