Bitcoin, the leading cryptocurrency, continues its upward trend despite last week’s negative developments regarding the Clarity Act and the Federal Reserve.
With international oil prices falling for four consecutive days, buying pressure on risky assets, including stocks and cryptocurrencies, appears to be increasing.
At this point, Bitcoin has surged 2.5% in the last hour, climbing above $85,000 for the first time since January 30th. BTC’s gains over the past week have reached 9.1%, and its gains over the past month are approaching 30%.
While altcoins followed Bitcoin’s rise, Ethereum surged 6% in the last 24 hours, surpassing $2,730. This marks the first time ETH has crossed $2,700 since the end of January.
Aside from ETH, XRP gained 6.6%, Solana 7%, and HyperLiquid (HYPE) approximately 4%.
According to CoinMarketCap data, the altcoins that gained the most value in the last 24 hours are as follows: “Sui (SUI – 22.3%), Venice Token (VVV – 22%), Sei (SEI – 20%), Near Protocol (NEAR – 19.9%), Render (RENDER – 17.9%) and Avalanche (AVAX – 13.9%)”
The rapid price increase in Bitcoin and altcoins led to a large-scale liquidation of short positions in the cryptocurrency market.
Accordingly, approximately $400 million worth of leveraged trades were liquidated in the last few hours. A large portion of this consisted of short liquidations, while the total liquidation amount in the last 24 hours reached $750 million.
However, 136,931 investors were liquidated in the last 24 hours, with the largest single liquidation occurring on Binance’s BTC/USDT trading pair (worth $11.29 million).
*This is not investment advice.
