Bitcoin Breaks Two-Year High, Surpasses $50,000
Bitcoin (BTC) reached a milestone on Monday as it surpassed $50,000, marking its highest recorded price since December 2021.
Liquidations Across the Crypto Market
The surge in Bitcoin’s price resulted in $191 million worth of liquidations across the crypto market within the past 24 hours.
Millions in Crypto Shorts Liquidated
Coinglass reported that over $36 million in crypto shorts have been liquidated in the past hour alone. Throughout the day, more than 57,000 traders experienced liquidation. The largest liquidation occurred during an ETH-USD swap on OKX, with a value of $3.89 million.
Bitcoin and Ether Rally
Bitcoin has seen a 17% increase over the past seven days, while Ether (ETH) has risen by 13.5%. This recent rally for both assets follows a market dump that occurred after the approval of several U.S. Bitcoin spot ETFs last month.
Return to Form After Market Dump
In late January, Bitcoin briefly rallied to $49,000 before dropping below $40,000. However, slowing outflows from the Grayscale Bitcoin Trust (GBTC) and increasing inflows to newer spot ETFs have played a role in driving day one ETF buyers back into profit.
Bitcoin’s Price and Market Cap
Bitcoin reached a high of $50,256 before settling at $49,936 at the time of writing. Its market cap now stands at $980 billion and is close to reaching the milestone of $1 trillion with a per unit price of approximately $51,000.
By
By
By
By