Following Bitcoin’s massive rally to start this week, $69 million worth of BTC shorts have been liquidated over the last 24 hours alone. Indeed, the asset has continued its massive surge since the start of March. Specifically, it broke through the $66,000 level for the first time since October 2021.
According to CoinMarketCap, Bitcoin is up more than 6.7% over the last 24 hours. Moreover, the rally is due in large part to the impressive performance of Spot Bitcoin ETFs just eight weeks following their approval in January. Subsequently, a plethora of short positions are being liquidated as a result.
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$67 Million Worth of BTC Shorts Liquidated as Asset Inches Toward New All-Time High
When 2024 started, the digital asset market was infused with optimism. Specifically, the industry saw this year as a prime opportunity for Bitcoin to enjoy an unprecedented rally. Moreover, expectations saw the performance of BTC being a catalyst to infuse the market with positive sentiment. Therefore, encouraging the positive performance of a host of tokens.
Now, Bitcoin is on its way to a new all-time high, while $69 million worth of BTC shorts have been liquidated in the last 24 hours alone. Indeed, these positions have been liquidated as the asset surged beyond the $66,000 level and is up at 7% on the last day.
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These short liquidations occur when an investor is incapable of meeting the specified margin requirements for their positions. Moreover, this usually happens due to a rapid surge in value for the digital asset in question. The continued rise in Bitcoin is proving to be difficult for those who bet against the asset to start 2024.
Yet, the rally does not appear to be slowing down any time soon. Due to the overwhelming positivity of the markets Spot Bitcoin ETFs, there is widespread belief that Bitcoin will reach a new all-time high sooner rather than later. BTC reached its highest level in November of 2021 when it reached the $69,000 level.
The presence of Bitcoin investment vehicles and the upcoming Bitcoin Halving event should indicate further gains for the asset. Indeed, the latter is scheduled to take place on April 19th and will see the BTC circulation split in half.