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Bitcoin (BTC) Price Comes Awfully Close to $40,000, Shorts Getting Hammered

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Sun, 3/12/2023 - 10:59
Bitcoin (BTC) Price Comes Awfully Close to $40,000, Shorts Getting Hammered
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Bitcoin's price has surged past the $39,000 mark, reaching its highest level since April 2022.

This recent rally, which saw Bitcoin peak at $39,725 on the Bitstamp exchange on Dec. 2, is largely attributed to the burgeoning excitement surrounding potential spot Bitcoin ETFs.

The digital currency has shown a notable increase of 4.6% since the onset of December. This shows a robust upward trajectory in the crypto market.

ETF hype fuels Bitcoin's ascent

The cryptocurrency community has been abuzz with the prospects of spot Bitcoin ETFs, an investment vehicle that could greatly enhance Bitcoin's accessibility and appeal to a broader investor base.

This anticipation has been a key driver in Bitcoin's price movement. As reported by U.Today, an official approval window for a spot Bitcoin ETF by the U.S. SEC has been set between Jan. 5 and 10.

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Mind-Blowing Bitcoin (BTC) $600 Million of Shorts Destroyed as Price Hits $39,700

The ETFs, if approved, would allow investors to gain exposure to Bitcoin without the complexities of direct ownership, thus potentially opening the market to a new segment of institutional and retail investors.

Strong volatility

The recent surge in Bitcoin's price has not come without its share of market turbulence. Data reveals a significant amount of liquidations in the crypto trading space.

In the last 24 hours alone, total liquidations amounted to $143.82 million, with short positions bearing the brunt of this volatility, accounting for $111.87 million.

Binance, a major player in the crypto exchange arena, witnessed the highest volume of liquidations at $4.48 million, with shorts making up over 60% of this figure.

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