Bitcoin Surges 18% to Above $24K
$Bitcoin(BTC.CC$ , the world’s largest cryptocurrency by market capitalization, surged 18% to over $24,200 over the past 24 hours even as fallout from the implosion of $硅谷银行(SIVB.US$ widened
The reasons for the upturn are still unclear, particularly as cryptos often decline during periods of unrest in financial markets. But the surge has come amid the sort of short squeeze that historically sends prices higher. Data from Coinglass shows that traders liquidated $300 million worth of crypto positions on Monday. A full $140 million worth of these liquidations were bitcoin liquidations, with $160 million in short positions.
The bitcoin rally comes as some investors are recognizing the fragility in the central banking system, according to Sean Farrell, head of digital-asset strategy at FundStrat. Crypto is responding to the anticipated change in liquidity conditions as it should.
The increase in price also comes as President Joe Biden said he will call on Congress and bank regulators to strengthen rules for financial institutions following the Silicon Valley Bank and Signature Bank ( $Signature Bank(SBNY.US$ ) collapses over the past week.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
FiReBiTriXiE : Omg dead
