Bitcoin’s price soared above $43,000 on Monday for the first time since 20 January, breaking the $800 billion mark for the most dominant crypto asset.
A surge in the price of BTC resulted in bearish crypto traders losing around $125 million in the last 24 hours. According to Coinglass, approximately $60 million worth of short Bitcoin positions were liquidated in a single day.
Simon Peters, a Market Analyst at eToro, commented on the recent bullish movement in the crypto market: “The world’s largest crypto asset began the week trading below $38,000 but spiked on Friday, reaching $40,000. After further gains over the weekend, BTC now trades above $42,000, an increase of 13% over the past seven days. BTC has now risen 29% from its low of $32,962 set on 24 January, 2022.
“ETH set a 2022 low on 24 January of $2,169 on the eToro platform. The crypto asset has now rebounded some 41%,” Peters added.
Across the market, short crypto trading positions were liquidated at an accelerated rate. Ethereum bears lost nearly $30 million, followed by holders of GALA, MANA, SHIB and XRP. There was a major change in market sentiment that caused the price surge in digital currencies. Social media trends indicate that the retail crypto frenzy is slowly returning.
