Bitcoin Price Surge Above $61,000 Leads to $500 Million In Short Liquidations
Earlier today, Bitcoin (BTC) registered a solid 5% breaking past all resistance and surging above $61,000 for the very first time since March 13. At press time, Bitcoin is trading at a price of $60,793 with a market cap of $1.139 trillion.
As it turns out, with the latest BTC price surge, nearly $500 million worth of Bitcoin shorts were liquidate across exchanges as per the data by ByBt.
$550 million shorts liquidated while #Bitcoin reached $61,000 for the first time since March 13th
Chart: @bybt_com pic.twitter.com/e3UvXoqkLm
— Bloqport (@Bloqport) April 10, 2021
In recent times, Bitcoin has shown strength and was consolidating around $59K over the last week before giving the breakout today. The world’s largest cryptocurrency has been strongly defending its $1 trillion valuations.
Comparing the latest BTC bull runs to its previous ones, market analyst Willy Woo stated that Bitcoin is now completing its “double top”.
I'm putting us here in the bull run compared to past cycles (on-chain data supports this).
Double top theory: IMO #Bitcoin is completing the first of the "double tops", and turns out an ascending triangle going sideways is all we get.
Volatility is visibly lower this cycle. pic.twitter.com/7m4n6eF50T
— Willy Woo (@woonomic) April 9, 2021
Woo further adds that “Once we clear this region, we’re unlikely to ever go below $1T cap again. The bottom of the next bear market historically has been higher that this juncture. As of today, 11.5% of the entire BTC supply last moved above $1T cap (~$53.5k).”
SEC Starts Reviewing WisdomTree’s Bitcoin ETF Application
As it turns out, today’s Bitcoin (BTC) price movement comes as the SEC announces that it will start reviewing WisdomTree’s Bitcoin ETF application filed last month in March 2021. Well, it means that the SEC can announce its decision on Bitcoin ETF in the next 45 days.
In addition to it, Kryptoin, a cryptocurrency investment management company has re-filed for Bitcoin ETF nearly 18 months later its first filing in October 2019. This is major progress as the U.S. has been eagerly waiting for a Bitcoin ETF for a long time. At present, the SEC has eight such applications for Bitcoin ETF pending approval.
The Candian market is already buzzing ahead with a strong institutional response to its Purpose Bitcoin ETF which has now assimilated over 16K Bitcoins since its launch. BTC-derivative products like Bitcoin ETF give institutional investors to gain exposure to Bitcoin.
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