Bitcoin has surged past $30,000, driven by speculation of US spot Bitcoin ETF approval. Other cryptocurrencies also gained, resulting in liquidated short positions. This marks Bitcoin’s second rally this week, with the first triggered by a false ETF approval report.
The cryptocurrency sector is still buzzing with excitement about the prospective approval of a Bitcoin Exchange-Traded Fund (ETF) based on the spot market in the United States. Many see this as a significant factor that could drive a bullish trend. Anticipated approval is projected by industry experts to potentially occur in late 2023 or early 2024.
The recent bullish price surges have inflicted considerable distress on short traders who were excessively leveraged. Within the last 24 hours, the total value of liquidated positions has skyrocketed, surpassing the $100 million mark, and approximately 80% of this sum can be attributed to short trades.
The latest rally appears more sustainable, taking Bitcoin from $28,000 to a 10-week peak of $30,248. Bitcoin remains over 5% up on the day, with a market dominance of nearly 52%.
Notably, Bitcoin isn’t the only cryptocurrency experiencing significant gains in the last 24 hours. Several altcoins have exhibited equal, if not better, performance during this period, leading to a notable number of short traders being liquidated.
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