- According to a report, traders who bet on price shifts were responsible for $65 million worth of Bitcoin liquidation in the last 24 hours.
- Bitcoin worth $60 million was found to be in short positions.
Bitcoin has shifted into the zone of bullish sentiment as investors’ confidence keeps soaring high. The asset is trading at $24,494 after breaking a key resistance point to surge by 8.9 percent in the last 24 hours. Investors have had a weekly gain of 8 percent on their portfolio as the asset journey to $30k.
The last time BTC hit over $24,500 is August 2022. Several factors have been linked to the rally but short-selling investors are believed to be the main driving factor.
According to a report, traders who bet on price shifts were responsible for $65 million worth of Bitcoin liquidation in the last 24 hours. Interestingly, Bitcoin worth $60 million was found to be in short positions. This surge follows the tepid Consumer Price Index that created less anxiety concerning the future of the US economy and the next monetary policy move of the Feds.
Altcoins join Bitcoin (BTC) in mini rally
Another crypto that saw an interesting rally is ETH which went past $1700 before falling back to $1684. The asset surged by more than 8 percent in the last seven days. Altcoins including YGG, the token of play-to-earn gaming guild Yield Guild Games and, NEAR the native crypto of smart contracts platform Near Protocol, surged by 11 percent each during the day.
The CoinDesk Market Index (CMI) which measures the wider digital asset market performance surged by 10 percent. With the Rich Dad Poor Dad author Robert Kiyosaki predicting a massive market correction before taking off to hit $500k by 2025, Joey Krug, investor, and co-founder of Augur and Eco also believe that Bitcoin bottomed in June last year.
Markets had bottomed back in June of last year. There’s probably going to continue to be some chop in the markets as inflation doesn’t go as fast as people hoped. My view is things got oversold last summer and things are finally bouncing back. The second half of the year is going to be bullish for crypto. Most people who are going to sell crypto have already sold.
Blur token sees a surge in trading volume
Blur, a Token of the NFT marketplace, recorded a trading volume of over $500 million in less than 24 hours. According to the token’s airdrop tracking page, Dune Analytics, 320 million of the 360 million total airdropped blur tokens, representing about 90 percent of the airdrop, were distributed to users.
Last year, almost $1.4 trillion was wiped off the crypto market after a series of bankruptcies and the failure of projects. In the wake of regulator crackdowns, Yuya Hasegawa, an analyst at Japanese crypto firm Bitcoin Bank believes that there is a shift from altcoins to Bitcoin.
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Wednesday’s crypto rally was a bit of a surprise but one thing stood out: it was led by bitcoin. The current regulatory environment surely looks like a headwind for the crypto market, but it seems like some money is moving from altcoins to bitcoin since bitcoin is the only cryptocurrency that is labeled ‘commodity’ by the SEC chair. Consequently, bitcoin’s market dominance is on the rise.
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