Bitcoin Price Surges to $97,000, Sparks Major Liquidations
The cryptocurrency market is on fire! Bitcoin, the world’s leading cryptocurrency, has reached a new milestone, rising to $97,000—a price point not seen since November. This price surge has triggered chaos for bearish traders, as nearly $800 million worth of short positions were liquidated over the past 24 hours.
Crypto Market Overview
According to CoinGecko data, Bitcoin’s price increased by 5% over the past day and week, though it remains about 23% below the all-time high of $126,000 it achieved in early October. Ethereum, another major player, saw a 7% hike to $3,354, while Solana and XRP followed suit, experiencing gains near 4% and 5%, respectively.
The bullish sentiment in the market isn’t limited to Bitcoin. Across the board, cryptocurrencies are experiencing significant gains amidst exciting developments, such as the ongoing work on the U.S. Clarity Act—a pivotal crypto market structure bill—and the recent Consumer Price Index (CPI) report indicating steadying inflation.
Shifts in Market Sentiment
Bear positions in the cryptocurrency market suffered immensely, with CoinGlass reporting $690 million worth of shorts being liquidated in a single day. Bitcoin led these liquidations with a whopping $382 million, followed by Ethereum with $231 million and Solana with $33 million. The recent surge has reignited hope in the crypto community, with many predicting that this could pave the way for Bitcoin to cross the $100,000 threshold.
Bitcoin ETFs Hit Record Investment
Adding to the momentum in the cryptocurrency market are Bitcoin ETFs, which saw their most substantial single-day inflow since October. Over $754 million was invested into these U.S.-based financial products, emphasizing renewed investor confidence in the asset.
Ready to Ride the Crypto Wave?
As new legislation and market trends continue to shape the crypto landscape, it’s a perfect time to consider entering or strengthening your presence in the market. Ready to step into the world of investments? Platforms like eToro offer beginner-friendly and expert-tier tools to navigate the crypto trading world.
Stay tuned for more updates as Bitcoin and the greater cryptocurrency market appear to be gearing up for their next big move!
