Bitcoin Surges Above $70,000 as Cryptocurrency Rally Continues

Bitcoin Surges Above ,000 as Cryptocurrency Rally Continues

  • Bitcoin surpassed the $70,000 level after a ten-day cooling-off phase.

  • The rally did not trigger massive short liquidations, suggesting that there were not many market participants betting with leverage that prices would fall.

Cryptocurrencies started the week strong, shrugging off their recent correction period, with bitcoin once again trading near its peak prices of 2021.

Bitcoin {{BTC}} surpassed $70,000 on Monday during US trading hours, surpassing the level for the first time in ten days and gaining more than 7% in the past 24 hours. Ether {{ETH}} rose 6% during the same period, while tokens of major Layer 1 networks Solana {{SOL}} and Avalanche {{AVAX}} gained over 10%.

The rally extended across virtually all digital assets, with all components of the broader CoinDesk 20 Index (CD20) in the green and the indicator up 6.1% on the day.

The sudden resurgence liquidated $195 million in leveraged derivatives positions across all crypto assets, of which approximately $129 million were short positions seeking to profit from falling prices. CoinGlass data watch. Bitcoin short liquidations reached $53 million, lower than the average daily figure in recent times.

Bitcoin Surges Above ,000 as Cryptocurrency Rally Continues

BTC Liquidations (CoinGlass)

The number of short liquidations was lower than average, suggesting that few market participants were betting with leverage on continued weakness.

Update (3:45 p.m. UTC, 03/25/24): Ticket prices exceed $70,000.

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