Get exclusive reports and key insights on airdrops, NFTs, and more! Subscribe to Alpha Reports now and enjoy the game!
Go to Alpha Report
Bitcoin was on its way to a new all-time high, reaching $72,000 on Monday morning. This comes after a rough start to the month, with the first week of April ending below its 2021 high of $69,044.
Bitcoin showed steady gains of just under 2% on Saturday and Sunday, according to CoinGecko. However, as Europe entered the new week, prices surged 4.45% in 12 hours.
This jump coincides with a surge in BTC futures open interest, which measures the total number of Bitcoin futures or options contracts outstanding on the market.
According to CoinGlass, market volatility over the past 24 hours resulted in the liquidation of $58 million in short positions, with the highest single liquidation amount being $7.83 million.
This figure is even higher in the broader cryptocurrency market, where more than $121 million in short positions were liquidated in the last 24 hours. As a result, Ethereum has surged 6.9% in value over the past day, despite falling behind Bitcoin last month.
Experts explained to Decrypt that Bitcoin’s 3% drop last week was likely due to cryptocurrency fund manager Grayscale’s daily outflows shrinking from $528 million to $80 million. Although the U.S. market hasn’t opened yet, Grayscale’s Bitcoin Trust has soared in value in the pre-launch phase.
All of this movement is in anticipation of the Bitcoin halving, currently scheduled for April 20th, or April 20th for Degen. According to CoinGecko, historically this is a bullish event for long-term investors. This is because on average, the price of Bitcoin increases by 3,230% per halving.
However, Coinbase urged caution, saying, “Past performance is not an indicator of future success or performance.”
Edited by Stacey Elliott.
Stay up to date with cryptocurrency news and receive daily updates in your inbox.
