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Crypto News – What Are the Implications of the Bitcoin 71K Dollar Surge After 38 Days?

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Crypto News - What Are The Implications Of Bitcoin 71K Dollar Surge After 38 Days?

Crypto News – Exploring the Phenomenon: Bitcoin 71K Dollar After 38 Days

Crypto News – The price of Bitcoin has risen beyond $71,000 for the first time since April 12. Right now, it’s trading for $70,884. This momentous occasion coincides with a wider market upswing propelled by hope for the approval of a spot Ethereum ETF. The excitement is a result of recent statements made by Bloomberg Intelligence’s ETF experts, James Seyffart and Eric Balchunas.

The likelihood of a spot Ethereum ETF clearance has climbed from 25% to 75%, according to ETF analysts. Balchunas attributed the SEC’s reduced projection to mounting political pressure. Additionally, acceptance rates rose to more than 54% on forecasting websites like Polymarket. In the midst of these changes, Ethereum had a 24-hour rise of around 17.77%. In line with this, the price of Bitcoin increased by about 6.03%. Significant market liquidations resulted from this price spike.

348.13 Million Dollar Liquidation

According to data from Coinglass, $348.13 million worth of liquidations totaled, affecting 79,714 traders in the last 24 hours. In particular, $273.82 million was liquidated from short bets, while $74.31 million was liquidated from long transactions.

1 month of Bitcoin short position build-up just got liquidated. One more layer to go in order to short-squeeze past all-time highs,

Willy Woo, prominent Bitcoin analyst

Investors had been buying Bitcoin ahead of these events, suggesting an optimistic attitude. Investors withdrew 30,516 BTC, worth approximately $2.17 billion at today’s market rates, from 20 of the cryptocurrency exchanges that Coinglass tracks during the previous week.

FAQ

What is Liquidation in Crypto?

Liquidation is what happens in the world of cryptocurrency trading when a trader runs out of money and is unable to keep a leveraged position. Exchanges or lending platforms are forced to forcibly cancel the position to stop further losses due to this inability to meet margin requirements.

What Price Is Bitcoin Trading At Right Now?

As of this writing, Bitcoin is trading at $70,984.

For more up-to-date crypto news, you can follow Crypto Data Space.

Crypto News - What Are The Implications Of The Bitcoin 71K Dollar Surge After 38 Days?
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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