Bitcoin Surpasses $30,000 Amid Speculations of BTC ETF Approval
The price of bitcoin has surged above $30,000 for the first time since August, potentially driven by speculation surrounding the approval of a spot BTC ETF in the United States. This upward momentum has also had a positive impact on several altcoins, resulting in significant losses for short traders.
Bitcoin’s Gradual and Sustainable Rise
This is the second time this week that bitcoin’s price has experienced a notable increase. The previous surge was caused by a false report regarding the approval of a spot ETF, leading to a pump and dump scenario. However, this current rise seems to be more gradual and sustainable.
After hovering around $28,000 for a few days, bitcoin climbed above $29,000 earlier on Friday morning. The bulls then pushed it further to reach a 10-week high of $30,300 on Bitstamp. Despite being slightly below the $30,000 mark at present, BTC remains over 5% higher for the day and its market dominance has risen to nearly 52%.
Altcoins Follow Suit
Altcoins have also seen significant gains during this period. XRP surpassed $0.5 following a recent victory against the SEC, while SOL experienced double-digit growth and reached its own multi-week high at $27.
Painful Losses for Short Traders
The surge in prices has resulted in substantial losses for over-leveraged short traders. Within the past 24 hours alone, liquidated positions have exceeded $100 million, with short trades accounting for approximately 80% of this amount.
Hot Take: Bitcoin Breaks Through $30,000 Mark
The price of bitcoin has reached a significant milestone by surpassing $30,000. This surge comes amidst speculation surrounding the potential approval of a spot BTC ETF in the United States. Bitcoin’s gradual and sustainable rise, along with the positive performance of altcoins, has caused significant losses for short traders. The market dominance of BTC has also increased to nearly 52%. As the cryptocurrency market continues to evolve, it remains crucial for traders to stay informed and adapt their strategies accordingly.
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