Bitcoin Hits $40K, Achieving a 20-Month High
Bitcoin (BTC) has surpassed the $40,000 mark, reaching a peak that hasn’t been seen in 20 months. The cryptocurrency’s value saw an increase of 8.4% over the past week and a 3% rise in the last 24 hours. This surge in price brings bitcoin’s market capitalization to $795.87 billion, making up 50% of the total crypto economy.
Impressive Growth and Trading Volume
Bitcoin has experienced a remarkable 140% rise against the US dollar since the start of the year, with a 49% increase in the past month alone. Its global trade volume currently stands at $17.93 billion, with tether (USDT) as the primary trading pair. Other top trading pairs for BTC include FDUSD, USD, USDC, and KRW.
Kimchi Premium and Liquidation of Short Positions
In South Korea, BTC is being traded at a significantly higher price on exchanges like Bithumb, with a premium of $1,451 per unit compared to the global average price. Additionally, the surge past the $40K threshold led to the liquidation of $77.95 million in BTC short positions.
Hot Take: Bitcoin Continues to Soar
Bitcoin’s value surpassing $40,000 marks an important milestone for the cryptocurrency, reaching its highest level in 20 months. With impressive growth, increasing trade volume, and a surge in price, bitcoin continues to gain momentum. The market is responding positively to this milestone, and it will be interesting to see what the future holds for BTC.
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