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As Bitcoin reached the $52,000 mark today, a significant $76 million in Bitcoin short positions were liquidated within the past 24 hours, according to data from Coinglass. The surge in liquidations occurred primarily on centralized exchanges, contributing to increased volatility in the market.

 

 

 

 

Following its climb beyond the $51,000 level yesterday, data reveals that $93 million in Bitcoin positions were liquidated, with a notable focus on short positions. The asset’s current trading price is $51,905, reflecting a more than 6% increase over the last 24 hours, as reported by CoinMarketCap. With high expectations for Bitcoin in 2024, fueled by the anticipation of the US Securities and Exchange Commission (SEC) approving 11 Spot Bitcoin ETFs, optimism has translated into tangible results as we approach mid-February.

 

 

 

 

Bitcoin has experienced consistent growth, surpassing a two-year high earlier this week and firmly establishing itself above the $51,000 level. However, this upward movement has introduced heightened volatility for investors, exemplified by the liquidation of $76 million worth of BTC short positions in the past 24 hours alone. Since the beginning of February, Bitcoin’s price has surged by more than 21%, significantly impacting the overall digital asset market. Notably, Wednesday marked the cryptocurrency market cap surpassing $2 trillion, a milestone not seen since April 2022. Despite Bitcoin surpassing the $52,000 mark, the increase in liquidations remains a noteworthy development for the cryptocurrency asset as a whole.

 

 

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