Bitcoin Witnesses Sudden Surge, Adding Nearly $1000 to Its Price in a Matter of Minutes
Bitcoin, the leading cryptocurrency, has added nearly $1000 to its value after a sharp increase in fluctuations within the cryptocurrency market. The currency reached its highest level of the day at $35,579 on Bitstamp exchange at 7:12 pm UTC. Bitcoin has emerged as the second-best performing cryptocurrency among the top 10 in terms of market capitalization (only behind Solana).
Shorts are being liquidated, which is a platform for cryptocurrency analysis, has reported a significant liquidation of short positions in the past hour. A total of $7.83 million worth of liquidations occurred, with an impressive 89.18% of them being short positions. Binance, a leading cryptocurrency exchange, witnessed $3.41 million in liquidations, with 86.34% of them being sell transactions. Similarly, OKX witnessed $2.55 million worth of liquidations, with 97.35% of them being sell transactions.
Bitcoin has seen a 1.1% increase in the past 24 hours. However, there is an observed “historical scarcity” of Bitcoin supply, with a record number of coins being held by long-term investors and significant accumulation rates occurring. The exact reason behind the recent price surge is difficult to pinpoint. It may indicate bullish sentiments among long-term holders, signaling confidence in the future value of Bitcoin despite short-term market volatility.
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.
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