Bitcoin (BTC) peaked at $76,481 on Bitstamp shortly after 3 PM EDT on Wednesday. By 7:30 PM, this leading cryptocurrency was trading at $75,297 each.

The market is chaotic as short sellers of Bitcoin suffer losses of $242 million.

This day brought bitcoin a solid gain of over 9% against the US dollar as of 7:30 PM. This is a nice improvement from the day's low of $73,450. Currently, the market capitalization of bitcoin is $1.49 trillion, accounting for over 59% of the $2.52 trillion cryptocurrency market. Weekly statistics show that BTC is up 4.4%, with a 30-day gain of 21.6%.

As of now, BTC has risen 79% against the dollar and surged 115% in the past 12 months. Across the entire cryptocurrency sector, a large volume of $296.595 billion has been traded, with BTC alone accounting for $137.85 billion of this volume. The top currencies paired with bitcoin today are USDT, USD, FDUSD, USDC, KRW, and EUR. The US dollar accounts for over 20% of BTC trading, while the South Korean won contributes 4.53%. Today, BTC is trading at a discount in South Korea, as Upbit reports a price of around $73,763 compared to the global average of $75,297.

In the cryptocurrency derivatives sector, $611.14 million has been liquidated in the past 24 hours, with short positions in BTC accounting for $242.11 million of those losses. Overall, the market has seen $427.29 million in short orders wiped out, affecting 142,600 traders, according to coinglass.com. The largest blow was a loss of $74.98 million in BTC/USDT trading on Binance. The open interest in Bitcoin futures is currently at $45.40 billion, with CME Group leading the field.

As the bullish momentum of bitcoin increases, its dominance highlights healthy demand with the power to shape broader cryptocurrency trends. High volume and increasing open interest make investors cautious about potential liquidity changes and price volatility. This stable activity may signal a rising confidence in BTC, potentially reshaping expectations across the cryptocurrency market. According to spot bitcoin exchange-traded fund (ETF) data from sosovalue.xyz, 12 ETFs have seen a settlement volume of $6.04 billion.
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