Crypto News – What Are the Implications of the 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.

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