Major cryptocurrencies surged on Thursday evening as crypto investors witnessed Bitcoin’s 50% surge less than two months after the approval of Bitcoin spot ETFs in January.
What Happened: Bitcoin could liquidate $2 billion of BTC long positions with just a $3,000 drop from current levels, as revealed by data from monitoring resource CoinGlass. Traders are placing massive bets on the trajectory of BTC price.
Bitcoin experienced a $10,000 drop within hours of hitting new all-time highs on March 5. However, it has since rebounded. Traders are placing significant bets on both sides of the current spot price, which is currently approaching $67,400.
Analysis from CoinGlass shows a slight dip to $64,286, for instance, could lead to the liquidation of $2 billion worth of long BTC positions.
This bitcoin bull run is remarkable for several reasons. Firstly, the focus of the crypto community has shifted towards market flows rather than narratives about the revolutionary potential of decentralized finance or Web3, as explained by Bloomberg’s Joe Weisenthal in Wednesday’s newsletter.
Secondly, prices have surged despite the U.S. dollar and Treasury yields showing signs of strength, in contrast to the weakening seen in 2020-21.
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