Bitcoin briefly soars beyond $25k; $232M in shorts liquidated

Bitcoin’s (BTC) price soared beyond $25,000 for the first time since June 2022

The flagship digital asset has retraced to $24,816 at the time of writing.

BTC  started the year strong when it gained around 39% in January. At the time, BTC soared from around $16,000 to over $23,000.

The rally appears to have continued in the current month, with BTC breaking the $24,000 barrier twice in the last two weeks.

Meanwhile, Bitcoin has outperformed other assets like NASDAQ, Gold, and S&P 500 in 2023. While BTC has rallied by around 50%, the other best-performing asset is NASDAQ, which has risen by about 20% during the same period.

Over $200M liquidated from short sellers

Bitcoin’s rally has liquidated roughly $100 million from short sellers, according to Coinglass data.

Total liquidations over the last 24 hours stood at $233.95 million as of press time. Of these liquidations, 65.18% occurred on traders who took short positions on the market, according to Coinglass data.

During this period, 60,8144 traders were liquidated — the most significant liquidation being a $2.54 million short position on BTC.

Meanwhile, BTC’s favorable price positively influenced other digital assets in the “Top 10.” Ethereum (ETH) increased 8.71% to $1,716, and Binance’s BNB token (BNB) rose 6.85% to $322.

Ripple’s XRP token (XRP) was up 3.59%, Cardano (ADA) gained 4.1%, Dogecoin (DOGE) was up 5.23%, and Polygon (MATIC) grew 11.58%.

Posted In: , Price Watch

Bookmark (0)

Related Posts

Crypto twitter turns Greenpeace’s attempt to vilify BTC via art piece into meme

Crypto twitter turns Greenpeace’s attempt to vilify BTC via art piece into meme

The Skull of Satoshi is the latest in Greenpeace’s now year-long “Change the code” campaign to vilify Bitcoin by painting it as an environmental hazard.

Bookmark (0)
Bitcoin cannot be stopped – Regulators will only be playing Whack-a-Mole: Caitlin Long

Bitcoin cannot be stopped – Regulators will only be playing Whack-a-Mole: Caitlin Long

Caitlin Long says Operation Chokepoint 2.0 is real, but stifling the U.S. crypto industry will bring other problems down the line.

Bookmark (0)
Nasdaq to launch crypto custody service for BTC, ETH in 2023 to inaugurate digital assets arm

Nasdaq to launch crypto custody service for BTC, ETH in 2023 to inaugurate digital assets arm

Nasdaq is the latest traditional financial giant to pivot toward crypto — joining the ranks of Fidelity Investments, BNY Mellon and BlackRock.

Bookmark (0)
Over 300M Arbitrum ARB tokens claimed; price plunges 90%

Over 300M Arbitrum ARB tokens claimed; price plunges 90%

Nansen’s dashboard shows that more than 160,000 addresses have claimed over 300 million ARB tokens as of press time.

Bookmark (0)
Centi launches CHF stablecoin backed 1:1 by a Swiss bank

Centi launches CHF stablecoin backed 1:1 by a Swiss bank

Centi said that the Centi Franc Stablecoin will serve as the “basis” for its blockchain-based Global Payment Network.

Bookmark (0)

Sports Prediction App ‘Pooky’ Launches Full Version of Its Play-and-Earn Game

Bookmark (0)

Leave a Reply

Your email address will not be published. Required fields are marked *