Bitcoin Zooms Above $24k
By Laxmikant Khanvilkar
Bulls are back in style and guess what, they have helped virtual digital assets (VDA) or cryptocurrencies to script their best gains for 2023. Bitcoin, the most popular cryptocurrency, surged over the $24,700 mark, up more than 11%, led by the type of short squeeze that historically has sent prices higher. The percentage increase was the largest since BTC jumped 10.5% in Sept. 9.
The largest cryptocurrency by market capitalization had dropped below $21,600 at different points in recent days amid growing investor fretfulness about crypto regulation, particularly targeting the stablecoin market, and about future U.S. central bank steps to tame inflation.
But those concerns seemed to fade quickly.
Data from crypto data provider Coinglass showed that traders who bet on price shifts liquidated some $65 million of bitcoin over the past 24 hours, from which about $60 million were in short positions.
Ether was up 5.5% to recently trade at $1,645.
Over the last 24 hours, the global crypto market cap has grown 8.45%, now standing at $1.11 tn. The total crypto market volume during that period is $68.05 bn, representing a 18.23% rise. Decentralized finance (DeFi) accounts for 8.96% of the total crypto market 24-hour volume, with a volume of $6.10 bn. The volume of all stable coins is currently $61.83 bn, making up 90.86% of the total crypto market 24-hour volume. Bitcoin’s dominance has also increased, standing at 42.78% with a 1.16% increase over the day.
Experts have suggested that the markets may have already accounted for concerns about increased regulation tied to stablecoins, including Binance’s BUSD token.
The recent catalysts with the BUSD news, seems to have been largely absorbed and today’s price move is a reflection of some of the regulatory as well as immediate fears around BUSD, are easing.
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