Bitcoin Price Surge Triggers $114 Million in Shorts Liquidation

Bitcoin experienced a second rally today, catapulting its price to over $34,000, marking a record high for 2023 and stirring excitement in the crypto community. The surge led to a cascade of liquidations, with $114 million in BTC shorts being wiped out in the last hour alone, contributing to a total of $145 million across various crypto assets, as reported by analytics firm CoinGlass.

The initial rally saw Bitcoin breaking past the $31,000 mark earlier in the day, with the second wave of momentum propelling it even further. Coinbase, one of the leading crypto exchanges, recorded BTC trading at a premium, reaching close to $35,000.

Analysts attribute these rapid price movements to the growing anticipation surrounding the potential approval of Bitcoin spot ETF applications by the U.S. Securities and Exchange Commission (SEC). A Washington, D.C. judge’s order for the SEC to reevaluate a long-delayed Bitcoin ETF application from Grayscale has added fuel to the speculation.

In a parallel development, investment giant BlackRock updated its application, signaling the initiation of preliminary steps to launch its Bitcoin spot ETF. This includes fund allocation and securing a ticker symbol. While these moves don’t guarantee approval, they indicate a level of confidence in the eventual green light from the SEC.

Crypto experts point out that the consecutive rallies breached crucial market resistance levels at $31,000 and $34,000, suggesting a bullish sentiment. Notably, this price action challenges the “Bearish Bitcoin Fractal,” a pricing model predicting record highs followed by significant downturns. Influential Crypto Twitter commentator Rekt Capital believes these developments could debunk the bearish narrative and pave the way for sustained positive momentum in the Bitcoin market.

As the crypto space continues to evolve, these events underscore the dynamic nature of digital asset markets and the profound impact regulatory decisions can have on price movements.

Subscribe

Related articles

Runes Tokens: The New Frontier on Bitcoin

Bitcoin's new Runes fungible token standard debuted alongside the...

Alpaca Fi: The New Digital Shepherd for ICP Assets

The world of Internet Computer Protocol (ICP) tokens has...

Bitcoin’s Bold Future: Unveiling the Numbers Behind the Hype

Michael R. Sullivan, an  author who is writing a...

Crypto Takes on Apple Pay: Can Digital Wallets Go Mainstream?

Cryptocurrency has long promised a revolution in how we...

Shiba Inu Makes Waves with $12M Boost for Privacy Innovation

Innovation drives value, and the developers behind the Shiba...
Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

LEAVE A REPLY

Please enter your comment!
Please enter your name here