The price of bitcoin surges, causing liquidations
The price of bitcoin has increased by over 11% in the past seven days, driven by aggressive buyers in the spot markets. This surge in value has led to a spike in liquidations, particularly for short leveraged positions. In the past 24 hours alone, over $111 million worth of cryptocurrency has been liquidated, with more than 42,000 traders being affected.
Increase in BTC supply in profit
As the bitcoin price continues to rise, the percentage of its circulating supply that is in profit has also increased by around 14%. This indicates that investors are holding onto their assets in anticipation of future price appreciation. Additionally, bitcoin exchange reserves have fallen by over 0.5% in the past week, suggesting a decrease in available supply.
These trends may be influenced by various factors such as the upcoming block-reward halving and potential rate cuts by the U.S. Federal Reserve. Investors are optimistic about the future of bitcoin and are positioning themselves accordingly.
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