Amid the massive surge that Bitcoin has faced, $90 million in BTC shorts have been liquidated in the last 24 hours alone. Indeed, the asset has spent the first half of this week on a monumental climb. That has continued today, with yet another rally leading it beyond the $60,000 level.
Currently, the asset is up yet another 7% over the last day, according to CoinMarketCap. The increase is due in large part to the remarkable performance of Spot Bitcoin ETFs over the past several days. On Tuesday, the investment products collective surpassed $3 billion in trading volume for the second consecutive day.
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$90 Million in Bitcoin Shorts Liquidated Amid Rise to $60,000
Since the start of the year, the digital asset market has been tremendously optimistic regarding the performance of Bitcoin. Early in the year, cryptocurrency was part of a landmark development for the industry. Specifically, the US Securities and Exchange Commission (SEC) approved 11 Spot Bitcoin ETFs just ten days into the new year.
Now, that optimism and those approvals are paying off. The asset has been on a consistent climb over the last several days. Ultimately, culminating in it surpassing $60,000 for the first time since November 2021. Yet, that has also resulted in a plethora of liquidated shorts over the last day.
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Bitcoin has seen an astronomical $90 million in BTC shorts liquidated over the last 24 hours alone. Short liquidation takes place when an investor is unable to meet the specific margin requirement on their position. This takes place typically because of a rapid increase in value for the asset in question.
The continued rise has hindered those who bet against Bitcoin, and it doesn’t appear to be slowing down any time soon. Specifically, with the Bitcoin Halving event just on the horizon, the value of BTC should only continue to climb. The halving event this currently predicted to take place on April 19th, 2024.