Leveraged bets betting against the price of Bitcoin (BTC) suffered losses exceeding $190 million in the past 24 hours as BTC surged by 10%, marking its most significant daily increase since October.
On Tuesday, BTC briefly surpassed the $57,000 mark, reaching its highest value since November 2021. Several factors contributed to this surge, including increased trading volumes in spot Bitcoin ETFs and heightened institutional investment.
The recent strength in the asset could be partly attributed to the closing of short positions since the beginning of the week. According to data from CoinGlass, short bets have incurred losses exceeding $380 million since Sunday.
Within the past 24 hours, 89,615 traders experienced liquidation, resulting in liquidated assets amounting to $381.41 million.
In the past 24 hours, Ether (ETH) has seen around a 4% increase, Solana’s SOL has surged approx 7%, and Cardano’s ADA has seen a 5% increase, while Stacks (STX), a Bitcoin layer-2 token, surged by over 25%.
Market observers said bitcoin is firmly in a “new bull market” and could see a significant upside as the anticipated halving event approaches.
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