Bitcoin Short Liquidations Exceed $56 Million as Price Rises
The recent surge in the price of bitcoin has led to over $56 million in short liquidations in the past 24 hours.
Overall, there have been over $193 million in liquidations in the cryptocurrency market over the same period. Of this amount, approximately $129 million were liquidated from short positions. The most significant impact was on bitcoin short positions, resulting in over $56 million in liquidations in the last 24 hours, as reported by Coinglass data.
Impact of Bitcoin Price Breakthrough
- Short positions wiped out after bitcoin broke above $71,000
- Bitcoin price increased by over 6% in the past 24 hours
- Current bitcoin price at $71,041
This upward movement in bitcoinโs price comes as the largest digital asset by market capitalization surged past the $71,000 mark. The cryptocurrency was trading at $71,041 at 5:42 a.m. ET, according to The Blockโs Price Page. Despite this positive trend, the GM 30 Index, which represents the top 30 cryptocurrencies, experienced a 5.43% decrease to 157.83 in the past 24 hours.
Catalysts Driving Bitcoinโs Potential All-Time High
- Questions raised by QCP Capital analysts on potential catalysts for new all-time high
- Bitcoin reached an all-time high above $73,000 on March 14
- Positive outlook due to ETN trading on the London Stock Exchange and increased bitcoin allocations by asset managers
Analysts at QCP Capital have speculated on the possibility of bitcoin reaching a new all-time high. The recent momentum, fueled by bitcoinโs break above $70,000 and bullish news such as the London Stock Exchangeโs decision to start trading ETNs for bitcoin and ether in May, along with asset managersโ continued interest in bitcoin as a portfolio diversifier, indicate a promising future for the cryptocurrency. Barring any significant macroeconomic risks, an upward trend seems likely according to QCP Capitalโs report.
Spot Bitcoin ETFs Witness Positive Inflows after Five-Day Outflow Streak
- Net inflow into spot bitcoin ETFs breaks previous five-day outflow streak
- Total net inflow into spot bitcoin ETFs on Monday amounted to $15.7 million
- Fidelityโs ETF (FBTC) and BlackRock ETF (IBIT) among top ETFs with significant inflows
After five consecutive days of net outflows, there was a positive shift in the trend with a total net inflow of $15.7 million into spot bitcoin ETFs on Monday. The notable contributors to this inflow were Fidelityโs ETF (FBTC) with a net inflow of around $261 million and BlackRock ETF (IBIT) with a single-day net inflow of approximately $35.48 million.
Hot Take: Assessing the Current Bitcoin Market Trends
With bitcoinโs price surge resulting in significant short liquidations, the market dynamics are rapidly evolving. The recent positive momentum and potential catalysts for further growth indicate a bullish sentiment among investors. As spot bitcoin ETFs break their five-day outflow streak, there is renewed interest in the cryptocurrency, backed by substantial investments in ETFs. The coming days will be crucial in determining whether bitcoin can maintain its upward trajectory and potentially reach new all-time highs.
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